Brian Shroder, the CEO of Binance US, is going on a break after two years of hustle. To deal with these challenges, Norman Reed, who used to work at the SEC and the New York Federal Reserve, is going to be the temporary CEO. Binance US has been making changes to deal with these new rules, including changes in leadership and letting some employees go.
Reacting to the latest news, pro-XRP lawyer John Deaton pointed out that Norman Reed was once the General Counsel of Ripple. Reed’s signature is on the 2015 settlement agreement between FinCEN (Financial Crimes Enforcement Network) and the Department of Justice (DOJ) concerning Ripple.
In addition, Katie Haun signed the settlement agreement on behalf of the DOJ. As part of this agreement, Norman Reed, representing Ripple, committed to hiring an independent auditor, approved by the DOJ, who would conduct audits of all XRP sales for a period of five years.
He wrote, “I’ve always maintained that the SEC and the U.S. Government knew more about Ripple than any other company involved in Crypto. That really puts the lawsuit in perspective now, doesn’t it? Norman Reed not jumping ship and staying with Binance, could be a positive sign.”
However, Jeremy Hogan argued and said, “I’m not sure about this. When your general legal counsel is becoming your CEO, that doesn’t seem like a growth play.”
Deaton agreed with Jeremy, saying that since the lawsuits involving DOJ, SEC, and CFTC, he’s been thinking that Binance US might not have a bright future. However, he also pointed out that Norman Reed staying with the company, despite the challenges, could be seen as a positive sign in a tough situation.