Odaily News Ripple’s former general counsel Norman Reed will serve as the interim CEO of Binance.US. Some experts believe that Reed’s joining is a potentially positive development for the troubled Binance.US, but others are cautious about this. . Deaton commented on Reed’s appointment on the X platform. It stated that Reed’s role in the 2015 settlement agreement demonstrated that he brought a deep understanding of regulatory compliance to Binance.US. “I have always believed that Ripple is the crypto company that has the most dealings with the U.S. SEC and the U.S. government,” Deaton said, suggesting that Reed’s expertise could benefit Binance.US. The company is currently dealing with multiple lawsuits and regulatory woes, and Deaton believes Reeds addition could be a positive sign. It is reported that Reed actively participated in the 2015 settlement between Ripple and the U.S. Department of Justice, which classified XRP as a “convertible virtual currency.” Another lawyer, Jeremy Hogan, said appointing a general counsel as CEO didnt seem like a growth strategy. Deaton also noted that the move may be viewed more as a survival strategy than a growth strategy for Binance.US. (U.Today) According to previous news, a Binance.US spokesperson stated that CEO Brian Shroder has resigned and will be temporarily replaced by Chief Legal Officer Norman Reed. In addition, due to a decline in business due to regulatory crackdowns, Binance.US internally announced the layoff of one-third of its employees (more than 100 people).