The chairman of the US Securities and Exchange Commission (SEC) changes again. President-elect Joe Biden has finally decided on his nominee to head the SEC. According to recent news, Joe Biden will name crypto enthusiast Gary Gensler as SEC chairman in the new term. It is believed that the new SEC chairman, who is well-versed in cryptocurrencies, will have a positive impact on the cryptocurrency market. Now investors are wondering how this development will affect the case against Ripple (XRP).\r\n\r\nGary Gensler is a name that occasionally makes statements about Bitcoin and cryptocurrencies. Reuters announced that financial regulator Gary Gensler, who had a successful performance during the 44th US president Barack Obama term, will be appointed SEC chairman in the coming days.\r\n\r\nGensler was as chairman of the Commodity Futures Trading Commission (CFTC) during Obama\u2019s term. As president of the CFTC, he served as a key financial regulator and was closely involved in clearing up the 2008 Financial Crisis. He also spearheaded the new derivative rules after the crisis and served in the Treasury Department during the Clinton administration. In November 2013, The Wall Street Journal called Gensler \u201ca tenacious regulator who pushed for stricter rules governing the multitrillion-dollar derivatives market.\u201d\r\n\r\nGary Gensler deeply understands crypto & has strongly supported bitcoin for years. His selection as SEC chair signals a policy shift in favor of a bitcoin ETF.\r\n\r\nHe also went on record in 2018 saying there's "a strong case" that XRP is a security, signaling no shift on that issue.\r\n\u2014 Jake Chervinsky (@jchervinsky) January 12, 2021\r\n\r\nSupports Crypto Regulation\r\nGensler had extremely positive speeches about cryptocurrencies and blockchain technology, and he criticized fraud comparisons. In a Bloomberg broadcast he attended, he described Bitcoin as a pure asset and emphasized the need for protection.\r\n\u201cCryptocurrency like Bitcoin needs more protection and regulation than oil.\u201d\r\nStating that there should be a balance between cryptocurrencies and regulations, he said, it may take a few years for this balance to be established.\r\n\r\n\r\nBad News For Ripple Investors!\r\nLooking at Gary Gensler\u2018s previous statement, it is clear that he mentioned that Ripple\u2018s native cryptocurrency XRP is a security. This situation deeply upset XRP investors who were waiting for positive news from the SEC. Gary Gensler will now chair the SEC\u2019s case against blockchain company Ripple. For the San Francisco-based Blockchain startup, this announcement by Gary Gensler at the MIT conference signaling bad news.\r\n\u201cRipple is doing a lot to advance the value of XRP.\u201d\r\nAt the time of writing, Ripple is trading around $ 0.2966, down 0.95% in 24 hours. The cryptocurrency is facing strong resistance near $ 0.30.\r\n\r\n#coinsfera #cryptonews #buybitcoinistanbul #buybitcoindubai #buybitcoinkosovo #buybitcoinwithcash #sellbitcoinwithcash #buybitcoin #sellbitcoin\r\n\r\nDisclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.