XRP HODLers around the world are rejoicing not just because it is Christmas but because optimism over the naming of Elad Roisman as the new acting chairman of the US Securities and Exchange Commission (SEC) seems to have helped the XRP price surge over 26% in the past 24-hour period.
According to data by TradingView, currently (as of 08:40 UTC on December 25), XRP is trading around $0.3443 on Coinbase.
At 14:37 UTC on December 24, SEC Commissioner Hester Peirce (aka “Crypto Mom”) confirmed that Elad L. Roisman had been named as the new chairman of the SEC.
This news delighted the crypto community since Roisman is widely seen as being friendly and open-minded when it comes to blockchain technology due to the remarks he made at a Senate Banking Committee hearing in July 2018.
As every XRP HODLer knows, on Tuesday (December 22), one day before former SEC Chairman Jay Clayton resigned, the SEC announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
The hope of many in the crypto community, and everyone in the XRP community, is that Chairman Roisman will realize that calling XRP a security may cause a lot more harm than good.
One prominent crypto analyst who does not want to see XRP be declared a security even though he is not fan of Ripple or XRP is Alex Krüger, who said yesterday that this “would be in nobody’s interest.”
“I’d like Ripple to win the unregistered securities lawsuit regardless of my opinion of the company. $XRP labeled as a security would be in nobody’s interest. It’s too late. Too many holders. But if proven to have manipulated prices, Ripple should pay. That’s a separate issue.”
He went on to say:
“Most definitively. Have Ripple pay fines. But don’t label XRP as a security. Too late for that, would be bad for all. Price manipulation on the other hand is much more serious and should be dealt with accordingly.”
Another well-known crypto analyst, Ryan Selkis (the founder of Messari), who is also not a fan of Ripple or XRP, explained on Tuesday why he wants Ripple to win this lawsuit and why he believes that Ripple will win.
He then went on to say that crypto industry should police itself and that if XRP is labelled a security, this could cause other cryptoassets (with the exception of Bitcoin and Ether, which the SEC does not consider to be securities) to also come under fire.