The post XRP Appeal Case in Focus as SEC’s Director Grewal Steps Down appeared on BitcoinEthereumNews.com.

SEC Enforcement Director resigned hours before the Ripple lawsuit appeal. There is now a huge uncertainty regarding the direction of the Ripple versus SEC case. The US Securities and Exchange Commission (SEC) has filed to appeal a ruling that states XRP is not a security when traded on exchanges. Just before the appeal, the SEC announced the resignation of Enforcement Director Gurbir S. Grewal. This news has raised discussions about the future of the SEC vs. Ripple case. Grewal’s Involvement in the SEC vs Ripple Case Grewal served as the SEC Enforcement Director from 2021 and will officially leave the agency on October 11. Due to his “regulation by enforcement” strategy, Grewal was often referred to as an anti-crypto Director during his time at the SEC. His priorities were punishing offenders, adjusting fines, and ensuring that no one got away with breaking the SEC’s regulations. Under Grewal’s leadership, the SEC handled over 2,400 enforcement cases, resulting in over $20 billion in disgorgements and penalties for crypto firms. In just three years, Grewal presided over 100 enforcement actions against crypto companies.  The ongoing legal battle between Ripple and the SEC is one of the most discussed cases under Gubir Grewal. In 2020, the SEC went after Ripple for selling unregistered XRP securities. Years later, Ripple and SEC scored a partial victory in the case. The court ruled that Ripple was guilty of selling XRP to institutional investors, and the SEC demanded a $2 billion penalty. However, the blockchain company countered the proposal with $10 million.  Instead, the court ruled that Ripple should pay a $125 million penalty, as CNF noted earlier. However, Grewal filed an appeal, claiming that the district court’s decision on Ripple contradicted decades of precedent. Before joining the SEC, Grewal was the Attorney General of New Jersey from…

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Filed under: News - @ October 4, 2024 12:17 am