SEC Reassigns Top Crypto Litigator From the XRP Lawsuit
The SEC has reassigned Jorge Tenreiro, its top crypto litigator, to unspecified positions in its IT department. The commission’s crypto task force is not only law enforcement, but also seeks to reposition its relationship with the industry.
Hester Peirce insists that the SEC is still determined to stop fraud, but such actions may hinder its ability to do so in the future.
SEC has turned a new leaf on cryptocurrency
Many changes have been made since the SEC Its previous chair Gary Gensler Resign. Under Gensler’s guidance, SEC Its legal struggle has greatly increased Opposing the cryptocurrency industry has created great resentment.
But the committee is turning into a new leaf Reassignment Top crypto litigant Jorge Tenreiro works in the IT department.
“I disagree with the legal strategy that Tenreiro is being asked to enforce – statutes on cryptocurrencies through courts. Writing new rules for the industry will provide investors with more protection in the short term while allowing the industry to grow.
Tenreiro is the lawyer who leads the lawsuit SEC’s lawsuit against Ripple LabsThe company alleged that it had made unregistered securities by selling XRP tokens.
He also played a key role in the SEC’s actions against the Telegram, which led to the company’s suspension of the company’s $1.7 billion unregistered digital token products.
However, SEC is How to change its encryption supervisionin these changes, Tenreiro was swept away. Yesterday, the committee In essence, its crypto enforcement unit has been narrowed downreassign more than 50 lawyers and employees. These changes have been brewing since Donald Trump was re-election.
Since Gensler exited, the committee has shown some tips to abandon the ripple effect. Recently, SEC has completely Removed lawsuits from its website. The reallocation of Tenreiro to a role related to non-transparency further suggests that the lawsuit may be about to end.
In particular, the SEC plans to use new Crypto Task Force. Yesterday, Commissioner Hester Peirce detailed his responsibilities, claiming that it would prioritize granting certain executive functions to SEC jurisdiction.
Although this is news of bullish crypto on the surface, it is still part of a worrying trend. Tenreiro is not a political appointment. He followed Gensler’s instructions. Many people believe that such a public redistribution of him was a humiliating act that might encourage him to resign.
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