April 19, 2023

XRP Lawyer Warns of Risks for Crypto Investors from Gensler Hearing

XRP Lawyer Warns of Bigger Dangers to Crypto Investors from Gensler Hearing

We, at CoinGape, have reported about the former CFTC head Gary Gensler's nomination for the SEC chair. And now a lawyer of the Ripple company advises crypto investors to keep an eye on Gensler's hearing. According to the attorney, this hearing can have a serious effect on crypto and digital assets.

In a series of tweets, Jacob Frankel - legal counsel at Ripple - elaborated on some potential issues that Gensler could raise during his confirmation hearings. These include issues such as securities law, investor consent, and even enforcement actions against cryptocurrency exchanges. Frankel also emphasizes that investors should pay close attention to the discussion at the hearing.

"Crypto and digital asset markets should be monitoring Gary Gensler's confirmation hearings," said Frankel. "Questions related to customer protection- i.e., securities laws- and individual consent generally appear in his past roles."

"It might be worth watching in case he raises topics like ongoing enforcement actions against exchanges for customer protection as well," Frankel added.

Frankel's warning comes after it was earlier reported that Gensler is likely to become SEC Chair if he passes the confirmation hearings with bipartisan support from both Democrats and Republicans.

If confirmed, Gensler will succeed Jay Clayton who served as Chairman since 2017. He is widely known as one of the most progressive leaders of financial regulation due to his strong stance on consumer protection and punishing those who break laws or regulations related to cryptocurrency.

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