According to CryptoPotato, David Hirsh, the head of the Crypto Asset and Cyber Unit at the United States Securities and Exchange Commission (SEC), recently resigned. Hirsh, who had been with the SEC for nine years, announced his resignation on LinkedIn and thanked his colleagues, mentors and friends for their support throughout his tenure. He emphasized the collaborative nature of his work and attributed his successes to teamwork. Although he alluded to a new chapter in his career, he denied rumors of joining a Solana-based marketplace, pump.fun.
Hirsh's resignation comes at a critical time as the SEC's lawsuit against Ripple, a blockchain-based digital payment protocol, reaches the trial stage. The SEC has accused Ripple and some of its executives of conducting an unregistered securities offering by selling its XRP token since December 2020. The dispute over the potential penalty for Ripple has been a point of contention between the two parties. Originally, the SEC proposed a penalty of USD 2 billion, which Ripple argued should not exceed USD 10 million. Recently, the SEC reduced its proposed penalty to $102.6 million.
The ongoing legal dispute has had a significant impact on the price of Ripple's XRP token. The token's price has reacted positively to each of Ripple's three partial court victories in 2023, suggesting that a decisive victory for Ripple could again trigger significant volatility. However, further details about the litigation and its potential impact on the Ripple token were not provided.
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