Brad Bondi Tipped to Replace SEC Chair Gensler, Signals Major Shift for Crypto
Pro-XRP attorney John Deaton, representing over 75,000 XRP holders, has named Brad Bondi as his top pick to replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler.
Bondi is joined by Paul Atkins, Dan Gallagher, and Bob Stebbins as a top contender to lead the SEC.
Deaton’s comments come as speculation grows that Gensler, who has been crypto-averse, may step down as SEC chair. Speculation has increased since former President Donald Trump’s recent crypto-friendly statements. Deaton said, “Bondi is the only one who can turn the SEC into a balanced, fair and crypto-friendly agency.”
Gary Gensler's potential replacement might impact regulatory approaches. Brad Bondi and Dan Gallagher have extensive SEC experience, making them strong candidates. $XRP $SEC
— Puppeteer (@GorillaPodcast1) November 18, 2024
The change in leadership could be a game-changer for the crypto industry which has been under attack from Gensler for years.
Why Brad Bondi for the SEC?
Brad Bondi, former SEC Enforcement Chief, has been praised for his crypto regulation expertise. Deaton says Bondi can adapt to the complexities of decentralized finance (DeFi) and its outside the SEC’s jurisdiction.
“Brad Bondi will turn the SEC from a schoolyard bully into a respected and crypto-friendly agency,” said John Reed Stark, former SEC attorney. Deaton says Bondi’s crypto vision is in line with that of pro-crypto figures like Donald Trump, Vivek Ramaswamy and Elon Musk.
Deaton doesn’t think Bob Stebbins, an SEC General Counsel who supported the Ripple lawsuit, would fit in a Trump administration. Former SEC Commissioners Paul Atkins and Dan Gallagher were also not transformative enough, Deaton says, describing their approach as “cautious” and “traditional” which wouldn’t align with the administration’s economic agenda.
XRP and the Crypto Market
Brad Bondi would be a big win for the crypto industry, especially XRP which is currently at $1.13. Under Gensler the SEC filed lawsuits against Ripple and its executives and the regulatory uncertainty has crushed XRP’s price.
Deaton thinks Bondi’s appointment will be a “golden age” for crypto and reduce regulatory friction. That’s already affecting the market, XRP is up 100% in a week on rumors of changes.
A crypto friendly SEC under Bondi will be a big change in US crypto policy and will lead to more adoption and growth.
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