Gary Gensler Freezes During Interview Question On XRP Lawsuit

09/15/2023 03:40

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler faced a hard hitting interview about the recent rulings in crypto lawsuits.

Gary Gensler crypto xrp lawsuit news — FILE - In this July 30, 2013 file photos, then Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler testifies on Capitol Hill in Washington. The Senate has approved President Joe Biden’s choice of Gensler to head the Securities and Exchange Commission, signaling an emphasis on investor protection for the Wall Street watchdog agency after a deregulatory stretch during the Trump administration. (AP Photo/J. Scott Applewhite)

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler faced an awkward moment during an interview when he was asked about the recent rulings in crypto lawsuits. The SEC Chair has been particularly silent on matters related to Ripple XRP lawsuit, in the recent few months.

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Gary Gensler Response On XRP Lawsuit Ruling

During an interview with Better Markets, Gensler was asked about the SEC’s recent court losses to Ripple and Grayscale. Initially, Gensler reiterated his anti-crypto stance by saying the crypto industry “runs past the law.” In response, the interviewer said the crypto companies (Ripple and Grayscale) seem to be finding some sympathetic judges. This led to Gensler’s awkward silence thereafter, in apparent acknowledgment of the two setbacks in the Court.

Thanks to the Grayscale lawsuit ruling to grant the company’s motion to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, the spot ETF applications by the likes of Blackrock, Fidelity and Bitwise could be getting a decision sooner than anticipated. Earlier, CoinGape reported Gary Gensler comment that the SEC was yet to take a decision on the court order related to Grayscale, when quizzed about it during a Congressional hearing before the US Senate Committee on Banking, Housing, and Urban Affairs.

Not The SEC’s Views

In the context of the Ripple lawsuit setback, Gary Gensler has been diverting questions around crypto lawsuits that such decisions are made by the Commission as a whole and not unilaterally. This was a sharp shift from his stance of aggressive anti-crypto statements he made in the past. During the Congressional hearing, he explained that the decision on the many spot Bitcoin ETFs would be taken by all the SEC Commissioners together.

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