The XRP community has been buzzing with reactions after SEC Chair Gary Gensler's testimony before Congress. The latest twist in the saga came when a congressman introduced a bill to restructure the SEC and fire Gensler, who has been accused of overstepping his authority and pursuing an overly aggressive approach to regulation.
During the process, Gensler declined to answer whether Ethereum is a commodity or a security, leaving many in the crypto space to question his motives and credibility. Kaj Leroy, founder of XRP Ledger projects, called the grilling "extremely bullish" for Ripple, suggesting that Gensler may not have the time, energy or credibility to fight such a high-profile lawsuit while also battling Congress.
Others were equally critical, with lawyer Bill Morgan pointing out that Ethereum has been trading for nine years and has a daily trading volume of over $9 billion, yet Gensler still refuses to publicly clarify its status. Meanwhile, John Deaton, the XRP holders' representative, suggested that the hearing had put an end to any doubts about Gensler's motives.
The XRP community has long been critical of the SEC's actions against Ripple, with many arguing that the agency has unfairly targeted the company and hindered its ability to operate. While the legal battle is far from over, the latest developments suggest that the XRP community is rallying behind Ripple and pushing back against what they see as overzealous enforcement by the SEC.
Valeria Blokhina
Vladislav Sopov
Alex Dovbnya
