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On Monday, February 3, the U.S. Securities and Exchange Commission (SEC) implemented a new policy that could slow down its crypto-related investigations. According to Reuters, sources familiar with the matter revealed that SEC lawyers are now required to get approval from politically appointed leadership before formally initiating probes. This change marks a shift in the SEC’s previous procedures and comes under the agency’s new leadership following President Donald Trump’s administration.
Typically, the SEC is overseen by five commissioners, including the chair, though the commission currently operates with only three members — two Republicans and one Democrat. Commissioners are appointed by the president. The agency recently saw the departure of former chair Gary Gensler and fellow Democrat Jaime Lizárraga. Currently, Acting Chair Mark Uyeda holds the position until Paul Atkins, nominated by Trump to be SEC chairman, is officially confirmed.
Reacting to the same, former SEC lawyer Marc Fagel wrote, “I was heavily involved in the policy allowing formal order authority to be delegated to the staff, enacted in the wake of the Madoff debacle. So for those whose response to Madoff was “the SEC should move more slowly,” this is great news.”
Amid this news, XRP surged by 19.90% in the last 24 hours, reaching a price of $2.71 after previously dropping to a low of $2.14 and peaking at $2.78. The initial dip in XRP’s value was driven by fears of a trade war following U.S. President Donald Trump’s announcement of high tariffs on Mexico, Canada, and China. However, analysts now suggest that this drop may have created a solid foundation for a potential strong recovery in the coming days.
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