SEC Enforcer Marc P. Berger, Acting Director of the US Securities and Exchange Commission’s Compliance Division, who pushed the ripple case, will step down from his job and leave the regulator this month. In today’s Ripple Coverage, we are trying to figure out what happened.
Berger played a big part in the Ripple Labs SEC compliance, but this month the SEC enforcer will exit the department. He was confirmed to the US Securities and Exchange Commission as Deputy Director of the Compliance Division and has announced that he will be leaving the regulator by the end of this month. After Stephanie Avakian also left again in December, he was named as acting director of the division.
While his tenure in the job was short, the SEC’s $1.3 billion lawsuits against Ripple and Chris Larsen and Brad Garlinghouse were a big highlight. The litigation unveiled at the end of the term of Avakian charged that the selling of XRP was not registered by Ripple and saw that this is a security or a tradeable investment arrangement that raises funds for the company or association. Arthur Britto, Chirs Larsen, and Jed McCaleb, and the new CTO, David Schwartz, invented Ripple. It seeks to become a blockchain that helps banks to move cash more efficiently. To become affluent, Larsen and Garlinghouse sold XRP, which was granted to them by the corporation, according to the SEC. The SEC argued that corporations were paying by Ripple to use the coin to raise the price.
The litigation filed in federal court in New York sent the XRP price into a spiral, and the currency traded as high as $0.55 in December, but is now trading at $0.29 and was dropped by a few other markets as Coinbase. Berger will take partial credit with the Telegram SEC regulatory action, which said that the corporation would refund $1.2 billion to those who participated in the offering of cryptocurrencies. In reality, the Gram digital tokens never got off the field,
Berger played a significant role in upholding securities regulations and defending customers, in addition to the ICO-related regulatory activities, such as bringing measures against influential firms such as Luckin Coffee, Deutsche Bank AG, Robinhood Financial LLC. On account of the Trump move, things are already in motion at the office. At the same time, Joe Biden depends on Gary Gensler to previous label items and Gary Gensler to occupy the SEC seat at the Futures Trading Commission.