The price of XRP is rising amid news that Elad Roisman will take over as Chairman of the U.S. Securities and Exchange Commission.
Commissioner Hester Peirce broke the announcement on Christmas Eve via Twitter.
Roisman is viewed as a potential ally of the cryptocurrency industry due to remarks he made back in July of 2018, when he called on the Commission to examine its rules amid the emergence of crypto assets and blockchain technology.
“SEC must examine and re-examine its rules, regulations and guidelines to ensure that they are still working as intended to accomplish the SEC’s mission.
This is most recently manifested in areas such as data protection and cybersecurity, as well as the emergence of new investments and technologies such as initial coin offerings and blockchain.”
Days before the outgoing Chairman Jay Clayton stepped down, the SEC sued the San Francisco payments company Ripple, claiming it has been selling the cryptocurrency XRP as an unregistered security.
The price of XRP plummeted after the announcement of the lawsuit.
It is now up 24% in the last 24 hours at $0.35 according to CoinMarketCap. The asset remains down 43% over the last seven days.
Roisman is expected to head the SEC for a short period of time, with President-Elect Joe Biden selecting a permanent replacement after he takes office in January.