SEC vs. Ripple: Chief Litigation Council Reassigned

On Wednesday, February 5, SEC activity was under the spotlight as investors awaited updates on the Ripple case Fox Business journalist Eleanor Terrett reported a potentially significant development:

“A report from WSJ says the SEC has reassigned its Chief Litigation Council Jorge Tenreiro, who played a key role in the Ripple and Coinbase lawsuits, to the agency’s IT department.”

The reassignment could be part of the agency’s shift toward digital assets following US President Trump’s re-election victory and Gary Gensler’s departure. Tenreiro was part of the SEC’s legal team in both the Ripple and Coinbase (COIN) cases.

News of the reassignment fueled speculation that the SEC might withdraw its appeal, challenging the Programmatic Sales of XRP ruling. The SEC filed its appeal-related opening brief on January 15, just days before Gary Gensler stepped down as Chair. Since Gensler’s departure, President Trump has appointed Commissioner Mark Uyeda as Acting Chair, boosting hopes of an end to the Ripple case.

In November, Acting Chair Uyeda criticized the SEC’s enforcement approach toward crypto firms, stating:

“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”

XRP Price Trends: SEC Appeal Uncertainty Weighs on Demand

On Wednesday, February 5, XRP slid by 5.8%, following Tuesday’s 6.44%, closing at $2.3817. Significantly, XRP underperformed the broader market, which fell 1.25% to a total crypto market cap of $3.12 trillion. XRP’s pullback reflected uncertainty about the SEC’s appeal plans. The SEC’s next move will likely influence XRP’s trajectory: