The U.S. Securities and Exchange Commission (SEC) has appointed Jorge G. Tenreiro, the lead attorney in the Ripple 
$2 case, as Chief Counsel. This appointment has sparked various discussions within the crypto market. The SEC’s decision indicates that despite expectations for crypto-friendly regulations following Donald Trump’s election victory, the agency maintains a strict stance towards the digital asset space.
Impact of the Appointment on the Crypto Market
Tenreiro’s joining the SEC has intensified speculation in the market, contrary to expectations of a more lenient approach from the agency. He had faced criticism from the crypto community for his aggressive stance against crypto assets.
XRP-friendly lawyer Bill Morgan criticized the appointment, stating that the agency would continue its tight oversight over crypto. Ripple’s CLO Stuart Alderoty advised market participants to “avoid hiring any lawyer who sues any crypto company or project.”
Future Steps of the SEC
Tenreiro’s appointment reveals the SEC’s intention to maintain stringent regulation of the crypto market. In his previous roles, Tenreiro has led some of the SEC’s most significant cases.
Investors are concerned that this development may have negative repercussions on the crypto market. Tenreiro’s new role within the agency could play a crucial part in shaping future SEC litigation.
In light of these developments in the crypto market, participants are closely monitoring the SEC’s future actions. Tenreiro’s leadership will be critical in determining the agency’s strategy regarding digital assets. Moreover, the new SEC Chairman will assume office after January 20, and significant changes among commission members are expected, suggesting that the impact of the SEC’s recent move may not be felt for long due to the current administration’s nearing end.
Given these developments, both investors and companies are keenly tracking the SEC’s forthcoming steps.
