Saturday, April 10, 2021

New SEC Chair’s Withdrawal of Suit Would Be a Huge Win for XRP Holders –Former US Congressional Candidate

David Gokhshtein, a former US congressional candidate has recently opined that the newly appointed US SEC chairman Gary Gensler, could decide to withdraw the case against Ripple, believing that such a move would benefit XRP investors greatly.

Ripple, the US-based cross-border payment firm, continues to challenge the United States Securities and Exchange Commission (SEC) in the court over the securities status of the digital token XRP.

Read Also: David Schwartz Says XRP Community Could Force Ripple To Burn Its Over 50 Billion XRP

The SEC had on 22nd December 2020 filed a lawsuit that accused Ripple of selling XRP as an unregistered security for relatively seven years.

David Gokhshtein Weighs the Possibility of New SEC’s Chair Withdrawing the Case

Since the news of the lawsuit broke out, many members of the cryptocurrency community have been envisaging a settlement between the two parties to save retail investors from further loss.

Gary Gensler, who is known to be a crypto fan, has become the SEC chairman after passing the Senate committee’s vote unanimously.

David Gokhshtein, the founder of Gokhshtein Media, who is a well-known XRP enthusiast, is starting to weigh the possibility of Gensler withdrawing the case against Ripple.

In his opinion, such a move would be a big win for XRP investors who have been anticipating an end to the “make or mar lawsuit” filed by the administration of former SEC chair, Jay Clayton.

Read Also: Brad Garlinghouse Provides Two Strong Arguments for Court to Dismiss the SEC’s Lawsuit

However, Gokhshtein thinks withdrawing the case would only serve as a relief but not a total solution, stating that regulatory clarity is not negotiable.

David Gokhshtein tweeted, “If the SEC Chairman does decide to withdraw the Ripple case, obviously it would be a huge win for XRP holders, but we’ll still need clarity moving forward.”

Ripple Ends Strategic Partnership with MoneyGram

Ripple, the cross-border payment behemoth, has on 8th March 2021 officially announced an end to its partnership with the money transfer giant, MoneyGram.

Ripple announced via a blog post as follows:

“Together, Ripple and MoneyGram have made the decision to end our current partnership agreement.

Read Also: David Schwartz Explains Why SEC’s Suit against Ripple Makes No Sense

“We are proud of the work we were able to accomplish in a short amount of time, as well as the impact we were able to achieve in bringing this first-of-its-kind product to market. Together, we processed billions of dollars through RippleNet and On-Demand Liquidity (ODL).

“We are both committed to revisiting our relationship in the future. We still believe in the promise of digital assets and blockchain technology to change the status quo in global payments for the benefit of billions of consumers around the world.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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