XRP News Today: Trump’s SEC Pick, Crypto Enforcement Actions, and a BTC ATH

SEC Chair Speculation Heats Up

On Tuesday, November 19, speculation about Trump’s pick for SEC Chair intensified as investors awaited news from the Ripple case.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas shared reports of Trump considering crypto lawyer Teresa Goody Guillen, a partner at Baker & Hostetler, to take the agency’s top spot. Guillen’s background as a former SEC attorney and her current role in representing blockchain firms makes her a strong candidate.

Guillen joins a growing shortlist of potential candidates, including Brad Bondi, Brian Brooks, Dan Gallagher (Robinhood Chief Legal Officer), Bob Stebbins (Willkie Farr partner, and Paul Atkins (former SEC Commissioner).

Deaton’s Take on SEC Chair Candidates

Amicus curiae attorney and CryptoLaw US founder John E. Deaton discussed potential candidates on CryptoLaw, dismissing Bob Stebbins as a suitable choice. Deaton elaborated:

“To remind people who Bob Stebbins is. He was in the Office of General Counsel for the SEC under Chairman Jay Clayton. So, people need to know about the SEC and the Office of General Counsel, is that they have to sign off on all of these enforcement actions. And he signed off on more than 80 crypto enforcement actions. We’re talking about the Ripple case. […] He was part of the crypto regulation by enforcement agenda.”

Deaton’s top picks were Brad Bondi and Brian Brooks. He highlighted Bondi’s unique stance on investor protection and DeFi, adding,

‘The only one that I could find that made any public statement affirmatively on DeFi and self-custody was Brad Bondi. And you know what he said. He said that self-custody in America, if our founders could have foreseen it, it would have been in the Bill of Rights. […] He also went further and said that absolutely 100%, when you take a DeFi protocol and you couple it self-custody, the SEC’s got no business being involved. There is no implications of securities laws. That is what we need.”

Impact of SEC Leadership on Ripple Litigation

Trump’s SEC Chair pick could influence the agency’s decision to appeal the Ripple case rulings. Significantly, John Reed Stark commented on Brad Bondi’s potential stance on litigation against crypto firms, stating,

“I would expect Brad, on his first day at SEC headquarters, to order an immediate stop on all SEC crypto-related investigations, to order the litigation unit to stay, settle or dismiss all SEC crypto-related cases forthwith.”

Speculation about SEC Chair Gensler’s resignation and an agency overhaul has fueled hopes the SEC could drop its appeal. Experts suggest Brad Bondi could be the top pick for Ripple and other firms entangled in legal battles with the SEC. Bondi’s appointment may set the Programmatic Sales of XRP ruling as a precedent, potentially boosting XRP demand.

XRP Price Action

On Tuesday, November 19, XRP declined by 1.29%, partially reversing a 5.84% gain from Monday, closing at $1.1009. XRP trailed the broader crypto market, which advanced by 0.66%, taking the total crypto market cap to $3.020 trillion.

For the Wednesday session, SEC-related news needs consideration as investors eye Trump’s picks for agency heads.

Markets should consider Trump’s appointments for SEC Chair and US Treasury Secretary. A pro-crypto SEC Chair, potentially ending litigation against crypto firms, may push XRP toward $1.5.

US BTC-Spot ETF Market Inflows Boost BTC Demand

Shifting focus to BTC, US BTC-spot ETF market inflows fueled BTC demand on Tuesday. According to Farside Investors:

• ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $267.3 million. (Previous day: +$13.2 million).
• Bitwise Bitcoin ETF (BITB) saw net inflows of $52.8 million. (Previous day: +$24.4 million).
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $60.0 million. (Previous day: -$175.1 million).
• Grayscale Bitcoin Mini Trust ETF (BTC) had net inflows of $54.4 million. (Previous day: -$47.0 million).

Excluding flow data for iShares Bitcoin Trust (IBIT) and Grayscale Bitcoin Mini Trust (BTC), the US BTC-spot ETF market had $600.3 million of net inflows, up from inflows of $254.8 million on Monday. Investors continued responding to potential shifts in the supply-demand balance, favoring BTC.

MicroStrategy’s (MSTR) latest BTC purchase and plans to acquire a further $1.75B in BTC comes before Trump’s Inauguration Day, likely contributing to the surge in BTC demand. On the campaign trail, Trump pledged to make BTC a strategic reserve asset. BTC demand from the US government, the BTC-spot ETF market, and companies, including MicroStrategy, could significantly impact supply, supporting a BTC move toward $100,000.

Bitcoin (BTC) Price Action

On Tuesday, BTC advanced by 2.15%, following a 1.17% gain from Monday, closing at $92,459. Significantly, BTC climbed to an all-time high of $93,860 before easing back.

Trump’s picks for US Treasury Secretary and SEC Chair could influence his plans to make BTC a strategic reserve asset. Pro-crypto picks could push BTC toward $100,000.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.