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The U.S. Securities and Exchange Commission (SEC) has reassigned Jorge Tenreiro, its most prominent crypto attorney, to an unspecified position within the IT department.
This marks a significant shift in the SEC’s approach to the crypto industry. Instead of pursuing strict enforcement actions, the agency’s new Crypto Task Force appears to be aiming for a more cooperative relationship with the industry.
Hester Peirce: Fighting Fraud Remains a Priority
Despite this change, SEC Commissioner Hester Peirce has emphasized that the agency remains committed to tackling fraud. However, Tenreiro’s reassignment has raised questions about the SEC’s future enforcement capabilities.
“This move could weaken the SEC’s ability to enforce regulations,” analysts suggest.
SEC’s Approach Changes After Gensler’s Resignation
Since the resignation of former Chairman Gary Gensler, the SEC has undergone a major restructuring. Under Gensler’s leadership, the agency pursued aggressive legal action against crypto firms, which faced strong resistance from the industry.
Tenreiro’s reassignment appears to be part of a broader reorganization.
Jason Gottlieb, a lawyer who frequently defends crypto firms against the SEC, criticized Tenreiro’s role:
“Regulating crypto through lawsuits was never the right approach. Clear industry rules would have provided better investor protection in the short term while allowing the sector to grow.”
Key Role in Lawsuits Against Ripple and Telegram
Tenreiro played a crucial role in several high-profile crypto cases, including the SEC’s lawsuit against Ripple Labs. The agency accused Ripple of offering unregistered securities through its XRP token sales.
He was also involved in the SEC’s case against Telegram, which resulted in the shutdown of a $1.7 billion digital token offering.
SEC Dramatically Reduces Crypto Enforcement
Tenreiro’s reassignment isn’t an isolated change. Yesterday, the SEC announced a major downsizing of its crypto enforcement division, reassigning over 50 attorneys and staff members.
These changes have likely been in the works for some time, especially following Donald Trump’s re-election.
Since Gensler’s resignation, the SEC has signaled multiple times that it may drop the lawsuit against Ripple. Tenreiro’s removal from the case further fuels speculation that an end to the legal battle is near.
New Crypto Task Force Takes Over
The SEC plans to replace Gensler’s aggressive enforcement strategy with a new Crypto Task Force. According to Commissioner Hester Peirce, this task force will delegate certain enforcement powers outside the SEC.
While these developments initially seem positive for the crypto industry, there are also concerns.
The public reassignment of Tenreiro is viewed by some as a humiliating move, potentially pushing him to leave the SEC entirely.
Ultimately, the restructuring highlights the ongoing uncertainty surrounding the future of crypto regulation in the U.S.
XRP to $8?
XRP is currently consolidating below $3, but technical analysis suggests that the coin could be on the verge of a significant price surge.
Renowned crypto analyst Dark Defender believes that XRP’s current price movement represents a critical “break-even” point for further upward momentum.
According to Dark Defender, who shared his insights on X, XRP will experience a strong breakout once it surpasses the $3 resistance level.
The analyst predicts that:
- The first breakout could push XRP toward $5.85
- A potential fifth wave could drive the price above $8
This analysis is based on the Elliott Wave Theory. According to this model, XRP is currently in its third wave, with $5.85 as the next key target. The fifth wave could then push XRP past $8.
If XRP does reach $8, its total market capitalization would rise to approximately $462.21 billion—making it the second-largest cryptocurrency, right behind Bitcoin.
What Is the Elliott Wave Theory?
The Elliott Wave Theory is a well-established technical analysis technique developed in the 1930s by Ralph Nelson Elliott. It suggests that markets move in predictable wave patterns, which include both upward and downward price movements.
A complete cycle consists of five waves in the direction of the trend and three corrective waves against it:
- The first five waves (1, 2, 3, 4, 5) represent the main market direction
- The three corrective waves (A, B, C) counteract the primary trend
Elliott believed that these waves reflect investor psychology, forming repeatable patterns. By identifying these waves, analysts can make predictions about future market movements.
If Dark Defender’s analysis holds true, XRP could be gearing up for a historic price rally—but only time will tell if it can break through $3 and beyond.
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