Long-time SEC official David Hirsch has made the decision to leave the markets regulator, sparking speculation about the impact on BTC and XRP’s future growth.
David Hirsch, who led the Crypto Asset and Cyber Unit within the Division of Enforcement at the United States Securities and Exchange Commission (SEC), has stepped down after nearly a decade of service. In a recent LinkedIn post, he highlighted the significant change his departure will bring to the regulatory agency. Hirsch played a key role in overseeing and regulating the rapidly changing cryptocurrency market.
Although he did not reveal his future plans, David expressed enthusiasm about spending more time with his family after leaving his position. His departure marks the end of an era where he was instrumental in shaping the SEC’s approach to cryptocurrency enforcement. He led various high-profile investigations and enforcement actions against fraudulent and unregistered digital asset offerings, setting legal precedents and clarifying regulatory expectations for cryptocurrency companies and investors.
With Hirsch’s exit from the SEC, the cryptocurrency market is expected to undergo significant developments, especially for Bitcoin (BTC) and Ripple (XRP). While his departure may not have an immediate impact on the prices of BTC and XRP, it could lead to a temporary relief period for firms involved with these popular coins.
Furthermore, David’s departure could influence investor confidence, potentially causing delays or changes in Ripple’s legal proceedings. As the regulatory landscape continues to evolve, the cryptocurrency market remains unpredictable, with investors closely monitoring for any updates or enforcement actions that could affect the market.
Looking ahead, the future of Bitcoin and XRP in the US will be shaped by influential figures like former President Donald Trump, who has shown strong support for cryptocurrencies. As the US Presidential election approaches, Trump’s stance on virtual currencies is becoming clearer, with plans to support Bitcoin miners in the country. Additionally, other political figures like Presidential candidate Robert F. Kennedy have also expressed favorable views on Bitcoin.
Meanwhile, rumors are swirling in the crypto community about Gary Gensler potentially leaving the US SEC. The chairman, who has been in his role since 2021, faced criticism from lawmakers and suffered a setback in the Ripple case. After a lengthy legal battle, a ruling in July 2023 determined that XRP is not an investment contract. As the crypto landscape continues to evolve, the actions of key figures like Gensler will have a significant impact on the future of cryptocurrencies in the US.