The US Securities and Exchange Commission (SEC) has reassigned two key staff members, fuelling speculation about the agency's direction. Jorge Tenreiro, the SEC’s Chief Litigation Counsel, was moved to the agency’s IT department, as reported by Cointelegraph.
Meanwhile, XRPUSD has been trading within a channel on the H1 chart. The price action indicates that the next breakout will be crucial for determining XRPUSD's direction on the intraday charts.
SEC Transfers Key Staff amid Crypto Scrutiny
Tenreiro, a prominent figure in the SEC’s litigation efforts, had overseen cases like Ripple and Coinbase. Additionally, senior lawyer Natasha Guinan was transferred from her position in the chief accountant’s office to an undisclosed role.
These moves come as the SEC faces scrutiny over its handling of cryptocurrency cases. Tenreiro’s reassignment raised questions about the agency’s stance on digital assets, especially after recent leadership changes.
JUST IN: 🇺🇸 SEC Transfers Top Crypto Litigator Jorge Tenreiro to IT Department!
— Good Morning Crypto (@AbsGMCrypto) February 5, 2025
He played a key role in both the @Ripple and @coinbase lawsuits, another sign this case is almost over! 💥📈
Comment Below & Follow For More!!👇👇#Ripple #Coinbase $BTC $XRP pic.twitter.com/SN0OsaA4Cx
Uyeda Criticizes SEC's Crypto Enforcement Approach
With Gary Gensler's departure as Chair and President Trump’s re-election, there is growing speculation that the SEC might reconsider its appeal in the Ripple case. The SEC filed an appeal on January 15, days before Gensler stepped down, prompting some to believe the agency may now shift its position.
Earlier, Acting Chair Mark Uyeda raised concerns about the SEC’s enforcement approach toward crypto firms. He stated:
“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
XRPUSD Consolidates, Awaiting Key Breakout
XRPUSD has been contained within an equidistant channel on the H1 chart, with multiple bounces at the channel's support. After the latest bounce, the price moved upwards but did not reach the resistance. As of now, the price is consolidating, awaiting its next direction. Intraday traders should monitor the upcoming breakout from the channel, as it could determine the direction on the intraday charts.
Ripple Advances in Japan, DeFi, and Wildfire Relief: XRP Ledger Faces Brief Disruption
Earlier, the XRP Ledger (XRPL) experienced a brief disruption due to a consensus mechanism issue. While the consensus process was running, validations were not published, causing the ledgers to “drift apart.” In the XRP Ledger, consensus is necessary to update the ledger with new transactions.
When validators fail to agree on which transactions to include, the network halts. A “drift” occurs when consensus is reached, but validations aren’t published. At least one validator operator reset the consensus to a validated ledger state. Ripple's CTO, David Schwartz, mentioned that the issue appeared to resolve itself.
XRP Drama: Ripple CTO Fires Back at Centralization Claims
— Mario Nawfal’s Roundtable (@RoundtableSpace) January 26, 2025
The decentralization of XRP is under the microscope again, with Ripple’s CTO David Schwartz dismantling claims from Bitcoin maxi Pierre Rochard.
Rochard accused Ripple of having the power to tweak XRPL code, unlock… pic.twitter.com/NdQKtRHGQB
Ripple has been involved in several recent developments. The company donated $100,000 in XRP to support communities affected by the California wildfires, contributing to organizations like World Central Kitchen and GiveDirectly through The Giving Block platform.
Additionally, Ripple has expanded into decentralized finance (DeFi) through a partnership with Chainlink, integrating its RLUSD stablecoin with DeFi applications on the Ethereum blockchain for trading and lending.
.@Ripple x @Chainlink: $RLUSD has adopted the Chainlink standard for verifiable data to fuel DeFi adoption with real-time, secure pricing data.
— Ripple (@Ripple) January 7, 2025
The future of stablecoins is here: https://t.co/mq3cThLGQJ pic.twitter.com/993Ac0o282
Ripple is also advancing in Japan, where it is expected that banks will adopt the XRP Ledger by 2025, according to SBI CEO Yoshitaka Kitao. This initiative aims to improve cross-border payments and currency conversions for remittances.
The debate over XRP's inclusion in a US crypto reserve continues, with concerns about centralization. In response, Ripple’s Schwartz defended the decentralization of the XRP Ledger, emphasizing its resilience against manipulation.
