XRP’s price rises after SEC Chair Gary Gensler announces he will now be stepping down on the following date of January 20, 2025.
Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), has officially announced that he will resign on January 20, 2025.
This news has sparked a significant response in the cryptocurrency market, with XRP, the digital asset at the center of the SEC’s legal disputes with Ripple, seeing a price increase of over 10%.
In a post on X, Gensler referred to his time at the SEC as “an honor of a lifetime,” emphasizing the agency’s mission to protect investors and maintain market integrity.
He expressed gratitude to President Joe Biden for the opportunity to lead the SEC, reaffirming the agency’s commitment to enforcing the law impartially.
However, Gensler’s tenure has been criticized by many in the crypto community, who view his approach as overly aggressive towards digital assets.
Under his leadership, the SEC initiated high-profile enforcement actions against several major crypto firms, including Ripple Labs, Coinbase, and Binance, often categorizing various tokens as unregistered securities.
This has led to considerable uncertainty in the U.S. crypto market, prompting some companies to relocate and causing Ripple to adjust its hiring practices.
Critics argue that Gensler’s lack of clear and consistent regulatory guidelines has hindered innovation and driven investment away from the U.S.
Additionally, he is currently under investigation, further complicating his legacy.
Looking ahead, many in the crypto sector see Gensler’s resignation as a potential turning point that could lead to a more favorable regulatory landscape.
Reports suggest that Donald Trump may appoint a successor who is more supportive of the crypto industry, which could change the SEC’s regulatory stance and possibly result in the dismissal of ongoing lawsuits, including the one against Ripple.
This optimism is reflected in XRP’s price surge, with analysts predicting further gains for XRP and the broader crypto market once a pro-crypto SEC chair is in place.
The crypto community has long warned that restrictive regulations could cause the U.S. to fall behind other countries in blockchain innovation.
Gensler’s departure may signal the beginning of a new era that fosters economic growth.
XRP is currently trading at $1.35.
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