The US Securities and Exchange Commission (SEC) announced yesterday that Executive Vice President Marc P. Berger will end his term at the SEC this month. This development could be positive news for the Ripple and XRP community, as Jay Clayton is leaving the SEC presidency.
Berger played a key role in the SEC’s action against Ripple Labs after he was appointed deputy director in August 2020 and acting director of the Enforcement Agency at the SEC in December. Although Berger’s time spent in leading the division was rather short, he used it to lead the enforcement of the securities litigation against Ripple Labs and its co-founders.
Under Berger’s leadership, the Enforcement Division conducted major litigation across the securities industry, including focusing on enforcement actions related to the unregistered ICO. In addition to the lawsuit filed against Ripple, Telegram Group Inc., which stopped the sale of the GRAM token during the trial and agreed to return more than $ 1.2 billion to investors. As the current chairman of the SEC, Elad L. Roisman, also emphasized in his statement on Berger’s departure, Berger was seen as a tough person by internal circles:
“DURING THE TERM OF THE OFFICE, MARC HAS BEEN FOCUSED AGREATIVELY IN FOCUSING THE BAD ACTORS AND FINDING THE BEST RESULT FOR THE LARGER INVESTOR PEOPLE AND THE LARGER INVESTORS.”
In addition to ICO-related sanction actions, Berger played an important role in misrepresentations against Robinhood Financial LLC regarding violations of the task of seeking payment for order flow and best practice, and in litigation against Credit Suisse.
As mentioned earlier, Berger’s departure was well received by the XRP community. The best comment on Reddit sums up the emotion very well:
“AFTER THE SEC FILED A CASE AGAINST RIPPLE, PRESIDENT JAY CLAYTON WAS WITHDRAWED AND THE MAN NOW RESPONSIBLE FOR PURCHASING THE CASE LEAVED THE WORK. THEY (SEC) KNOW WHAT THEY DO AND NOW THEY ARE RAPIDLY. ”
Another piece of news that may not have an unimportant impact on the outcome of the SEC case against Ripple Labs could be the appointment of Gary Gensler as the new SEC chief. According to a Reuters report, Joe Biden, elected President, will appoint Gary Gensler as the head of the SEC.
As CNF reports, Gensler is believed to have an affinity for cryptocurrencies, serving as professor of blockchain, digital currencies, financial technology and public policy at MIT. However, it seems unclear what Gensler’s tenure means for Ripple.
While Gensler has stated in the past that XRP was a “strong argument” that it was a security, he said the same thing about Ethereum, which was later classified as non-securities. Interestingly, a video came out yesterday where Gensler gave a speech as an MIT professor talking about XRP as a “bridge currency”. You can find the video here