SEC Chairman Jay Clayton resigned.
Under the SEC, the top financial regulator of the USA, the waters are not settled. Ripple (XRP) in the last days of the year with a lawsuit about literally xrp'y of completing the SEC's chairman , Jay Clayton's resignation, one of the most talked about moment agenda. The SEC recently filed Ripple for $ 1.2 billion in securities, and it was stated that the company violated securities laws.
SEC Chairman Jay Clayton Resigns
XRP price has lost close to 60% after the news of this case and is still losing. Markets, on the other hand, see this as the "last joke" of SEC Chairman Jay Clayton. SEC Chairman Jay Clayton actually announced his decision to resign in November 2020.
Clayton formally stated in November that he would resign at the end of December 2020. The reason for Clayton's resignation, whose term of office normally continues until June 2021, is purely political.
Why Did Clayton Resign?
Clayton was appointed SEC President after working for more than 20 years at giant companies such as Goldman Sachs and Sulliwan & Cromwell. Joe Biden's announcement that he would impose large taxes on large companies, and Clayton's previous reaction from the Democrats, had actually made everything clear.
With Biden taking office as of January 2020, it was considered certain that SEC Chairman Clayton would also change. Clayton may have made this decision, knowing that he would not be able to stay in his seat until his tenure. According to the news reported by the Washington Post, even the names that Biden intends to appoint as SEC Chairman are finalized. Allegedly, Biden could bring in Preet Bharara or Gary Gensler as the new SEC Chairman.
Will XRP Price Go Up?
So does the XRP price have any chance to rise after the news of the SEC Chairman's resignation? XRP price managed to reduce some of its loss after the official resignation news announced yesterday. However, despite Clayton's resignation, it is known that the state institution SEC will continue this case in the term of the new president.
The fact that the verdict is fully in court and in the judicial system after the case is opened actually puts the importance of the SEC in the back seat. Experts commented that after the case against Ripple, Clayton made one last move not to deal with him, leaving his post. For the XRP price to return to its former state, all authority seems to be in the court and the judicial system.