XRP Lawsuit At Risk: Gensler’s Last Attack Against Crypto May Lead to More Lawsuits

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Ron Hammond, director of government relations at the Blockchain Association, recently shared his views on the future of the Securities and Exchange Commission (SEC) under Gary Gensler, particularly in light of the political pressure on Gensler’s leadership and potential changes in the coming months.

Could Gensler Take More Aggressive Action Before Leaving?

In an interview with Thinking Crypto, when asked about the possibility of SEC Chairman Gary Gensler ramping up enforcement actions before leaving office, Hammond said that such a scenario is entirely plausible. He pointed out that political pressures have influenced the SEC’s actions before, especially when the Commission approved a Bitcoin ETF unexpectedly. 

Hammond explained that political forces might continue to shape Gensler’s decisions, and he could file more lawsuits or take other aggressive actions before stepping down. He suggested that, given the controversial nature of Gensler’s tenure, we could see more “last-minute” moves from the SEC in the months ahead.

Were Recent SEC Actions Politically Motivated?

Hammond also referenced several SEC enforcement actions, particularly the case involving Coinbase, where the SEC issued a Wells notice just hours before Coinbase was set to testify before a House committee. This, he argued, suggested that the SEC’s actions may have been strategically timed to disrupt the ongoing conversations about crypto market structure. 

Will Gensler Resign Soon?

Looking ahead, Hammond expressed hope that Gensler might resign by the end of the year, which could bring significant changes to the SEC’s stance on cryptocurrencies. However, he warned that even if Gensler leaves, the crypto industry will still face challenges, and it’s uncertain whether new leadership will be more crypto-friendly.

What’s Next for Crypto Regulation?

The future of cryptocurrency regulation remains uncertain. Hammond emphasized that the next phase of crypto regulation will depend heavily on who takes over at the SEC. The leadership change could determine whether the SEC adopts more crypto-friendly policies, but much is still up in the air.