Long-time SEC official, David Hirsch, has recently announced his departure from the regulatory body, sparking speculation about the future of cryptocurrencies like BTC and XRP.
Having led the Crypto Asset and Cyber Unit within the Division of Enforcement at the United States Securities and Exchange Commission (SEC) for nearly nine years, Hirsch’s resignation signifies a significant change within the organization. His role in overseeing and regulating the fast-paced cryptocurrency market has been crucial in establishing legal standards and expectations for firms and investors in the industry.
While Hirsch has not revealed his plans for the future, he has expressed enthusiasm about spending more time with his family. His departure may bring about a temporary relief period for firms involved in BTC and XRP-related services, although its immediate impact on their prices remains uncertain.
As the cryptocurrency market continues to evolve, regulatory updates and enforcement actions are closely monitored by investors and market participants. Hirsch’s exit from the SEC could potentially influence investor confidence and affect the trajectory of cases involving Ripple.
On the political front, former US President and current Republican Presidential candidate, Donald Trump, has voiced his support for cryptocurrencies, indicating policies to aid Bitcoin miners in the country. With the upcoming US Presidential election, the stance of candidates like Robert F. Kennedy on virtual currencies is also closely followed by the crypto community.
Speculation surrounding Gary Gensler’s potential departure from the SEC has also circulated within the crypto community. The chairman, who has been in the agency since 2021, faced criticism for the partial loss in the Ripple case. Despite the legal battle with Ripple Labs over alleged sales of unregistered securities, a ruling in July 2023 determined that XRP is not considered an investment contract.
As the future of Bitcoin and XRP continues to be shaped by regulatory decisions and political dynamics in the US, the cryptocurrency market remains unpredictable and subject to ongoing scrutiny and developments.