US SEC Promotes Tenreiro; What it means for the Crypto Market?

Hopes Dampen for Pro-crypto Regulations under Trump

US SEC’s Litigation Chief Changed; Stricter Crypto Regulations?

Ripple lawsuit lead attorney Jorge Tenreiro is now US SEC’s Chief Litigation Counsel. Does it hint toward more regulations for the crypto market, given his role in the XRP case?

Tenreiro’s Promotion Faces Criticism from the Crypto Community

Jorge G. Tenreiro has been promoted to the position of the United States Securities and Exchange Commission’s Chief Litigation Counsel. Given his aggressive stance against the crypto space, there is widespread speculation that the cryptocurrency market will have to face the harsh stance ahead.

Despite pro-crypto Donald Trump going to take the seat of the country’s President, this development has the US SEC facing criticism over the matter. It reflects the agency’s strict stance toward the digital assets space. Tenreiro has also, in past, faced a lot of criticism for his decisions as the agency’s lead for the Crypto Assets and Cyber Unit.

Tenreiro now has more authority in SEC cases

SEC’s past stance toward Gary Gensler’s resignation is yet another factor that’s sparking discussions in the crypto market and dueling speculations. Criticism is also being faced by pro-XRP lawyer Bill Morgan, who has also stepped ahead highlighting the news.

How will the Market React?

Crypto enthusiasts had been hoping for the agency to drop the crypto cases under Trump, but hopes are dampened now. Given his aggressive enforcement tactics, Jorge Tenreiro’s appointment by the US SEC is anticipated to bring a topsy-turvy scenario for the crypto market. Even with Trump administration, crypto enthusiasts are no more very ‘enthusiastic.’

Victory in the Ripple v SEC case has the blockchain benefit a lot. The court ordered speeding up of the judgment procedure for the XRP case. As a result, the XRP price is doing massive rallies, reaching third position in the top crypto by market cap list.

The market will now be keeping a close watch on the US SEC’s moves, hoping for it to maintain a favorable environment for the crypto investors and traders.