A known crypto trader on Binance Square, Bit Guru, has warned investors against buying XRP before December 11, citing possibilities of an unfavorable regulatory climate ahead. XRP has been caught in the crossfire between Ripple and the Securities and Exchange Commission (SEC) legal battle for over four years.
The regulatory agency sued Ripple for violating federal securities laws by offering XRP to both retail and institutional investors. Though a federal court determined the former were not securities, the latter was ruled by the same court to be a violation of security laws. The ruling underscores the vague and unclear regulatory conditions overseeing the crypto industry.
Amid this brawl, XRP suffered a notable price decline, crashing to less than $1 and staying that way for over three years. However, the coin saw a meteoric rise after pro-crypto Donald Trump won the November 5 presidential elections. The surge even heightened after Gary Gensler, the current SEC chairman, announced that he would step down from office on January 20, and be replaced by a crypto-friendly figure, Paul Atkins.
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While it seems like XRP has finally reached the “light at the end of the tunnel,” Bit Guru calls the attention of the community and potential investors to a crucial development set to happen on December 11.
Caroline Crenshaw Might be Re-nominated as SEC Commissioner
In a recent post on Binance Square, Bit Guru warned investors to put a pause on their XRP investments because an important decision is to be made regarding the re-nomination of Caroline Crenshaw as SEC commissioner by the U.S. Senate Banking Committee.
For context, Crenshaw has been an open critic of cryptocurrencies and was one of the commissioners who voted against the approval of a Bitcoin exchange-traded fund (ETF) in January. The prospect of her re-election has sent unrest across the crypto community, as members wonder what the future of crypto regulation would be with her as a decision-making member.
A Bloomberg ETF analyst, James Seyffart, even noted in a recent post on X that Crenshaw is more anti-crypto than Gensler.
“She wasn’t just “an ally to Gensler” IMO — she was more vehemently anti crypto than Gensler,” he said.
Several key industry figures including Coinbase’s president, Emilie Choi, have voiced concerns about her returning as an SEC commissioner. Choi highlighted how Crenshaw “embarrassingly opposed Bitcoin ETFs” and emphasized that the SEC needs to change.
Crenshaw’s Re-nomination Could Mean Trouble for XRP
Meanwhile, Bit Guru stressed that Crenshaw’s re-nomination could trouble Ripple’s ongoing battle with the regulatory agency. He added that her influence could make XRP’s fight for regulatory clarity more difficult.
“SEC Chair Paul Atkins cannot single-handedly approve or reject cases—every commissioner, including Ms. Caroline, has to sign off. Her vote could be the deciding factor!” he said.
Based on this, Bit Guru noted that he is putting a pause on buying XRP until December 11. Moreover, he stressed that it could mean a potential roadblock for XRP especially if Crenshaw aligns herself with anti-crypto policies. Ultimately, he noted that the December 11 decision could be a game-changer for XRP and that waiting for clarity before investing is advisable.
Read Also: Analyst Predicts Further XRP Surge After Impressive Rally
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.