XRP, a cryptocurrency, experienced a significant increase in value. The U.S. Securities and Exchange Commission (SEC) implemented a new policy that could slow down its investigations into cryptocurrencies. According to sources familiar with the matter, SEC lawyers must now seek approval from politically appointed leaders before initiating probes. This is a change from the SEC’s previous procedures and comes under the agency’s new leadership following President Donald Trump’s administration.
The SEC is typically overseen by five commissioners, including the chair. However, the commission currently operates with only three members, two Republicans and one Democrat. Commissioners are appointed by the president. Former chair Gary Gensler and fellow Democrat Jaime Lizárraga recently left the agency. Currently, Acting Chair Mark Uyeda holds the position until Paul Atkins, nominated by Trump to be SEC chairman, is officially confirmed.
Marc Fagel, a former SEC lawyer, expressed his support for the new policy. He stated that he was involved in the policy allowing formal order authority to be delegated to the staff, which was enacted after the Madoff scandal. Fagel believes that this change is good news for those who wanted the SEC to move more slowly.
Amid this news, XRP’s value surged by 19.90% in the last 24 hours. It reached a price of $2.71 after previously dropping to a low of $2.14 and peaking at $2.78. Initially, XRP’s value decreased due to concerns about a trade war following President Trump’s announcement of high tariffs on Mexico, Canada, and China. However, analysts now believe that this drop may have set the stage for a strong recovery in the coming days.
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