Reports indicate that the U.S. Securities and Exchange Commission (SEC) has reassigned Jorge G. Tenreiro, a prominent litigator who was involved in the commission’s case against Ripple, to the IT department.
Stuart Alderoty, Chief Legal Officer at Ripple, shared a screenshot of a Wall Street Journal report stating that Tenreiro has been moved to the SEC’s IT department.
Sources familiar with the situation mentioned in the WSJ report suggest that this reassignment is part of the SEC’s efforts to streamline its crypto enforcement team.
Shift in SEC’s Regulatory Strategy
Under the leadership of Acting Chair Mark Uyeda, the SEC is actively working towards adopting a more favorable approach towards cryptocurrencies. This change in strategy has led to the formation of a dedicated crypto task force and a reduction in the size of the enforcement unit.
As part of this restructuring, over 50 lawyers and staff members have been reassigned from the enforcement unit to other departments within the SEC.
Tenreiro’s New Role in Macrodata Refinement Office
Following the reshuffling, Tenreiro has been reassigned to the Macrodata Refinement department, which oversees the management of the SEC’s computer systems.
In December, former chairman Gary Gensler appointed Tenreiro as the Chief Litigation Counsel, granting him the responsibility of supervising the commission’s litigation strategy.
Tenreiro, who was involved in overseeing enforcement actions against crypto entities during the previous administration, has faced criticism from various members of the crypto community.
Tenreiro’s Involvement in Ripple Case
Tenreiro played a significant role in the SEC’s legal actions against Ripple, including signing the commission’s notice of appeal. This ongoing legal battle is currently being contested in the Second Circuit Court.
Internet. Please remind me who signed the Notice of Appeal for the @SECGov in the SEC v. Ripple et al case. https://t.co/ebPFImtMad pic.twitter.com/QGlWQeN2PB
— Jimmy Vallee (@jvallee2000) February 5, 2025
While Tenreiro followed the directives of his superiors in these cases, he has faced backlash for his involvement in the Ripple litigation.
Potential Resolution of Ripple Case
Amidst the SEC’s shift towards a more crypto-friendly approach, there are speculations that the commission may consider dropping several lawsuits against crypto businesses, including the Ripple case.
The confirmation of Paul Atkins, a pro-crypto advocate, as the SEC chairman could signal a more lenient stance towards the industry. It is anticipated that Atkins may prioritize regulatory clarity for the crypto sector and potentially resolve ongoing legal disputes, as suggested by Alderoty.