News of SEC Chair Gary Gensler’s potential resignation has sent shockwaves through the cryptocurrency industry.
Bitcoin Magazine broke the news on X, sharing a statement from Gensler where he expressed gratitude to the SEC staff and highlighted his time serving the agency. This has fueled speculation that he may be stepping down.
Many interpreted the statement as a farewell, with phrases like, “It’s been a great honor to serve with them,” signaling his potential exit. The timing is notable, coming shortly after the 2024 U.S. presidential election, in which former President Donald Trump, who has publicly opposed Gensler’s stance on crypto regulation, secured victory.
BREAKING: Gary Gensler releases statement suggesting he may be leaving the SEC pic.twitter.com/ROgYcxk02N
— Bitcoin Magazine (@BitcoinMagazine) November 14, 2024
Trump previously vowed to remove Gensler from his role on his first day back in office, raising questions about whether Gensler chose to leave in anticipation of this.
XRP On the Rise
Following this news, XRP experienced a significant rise, climbing almost 20% to a notable high of $0.8311—its highest price since July 2023. The digital asset is currently trading at $0.8259, as investors anticipate a shift in the regulatory landscape that could be more favorable for digital assets.
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The SEC’s lawsuit against Ripple has been a contentious point in the crypto industry. Ripple and the XRP community argue that the SEC’s attempt to classify XRP as a security is wrong and harmful to innovation. A change in SEC leadership could potentially lead to a reassessment of this case, which has been in litigation since December 2020.
The excitement in the crypto community is palpable, and XRP is expected to keep climbing. Trump has made many appointments in key government positions over the past week, and if Gensler leaves, the president-elect might reveal his choice for the new SEC Chair.
Ripple CEO Brad Garlinghouse has suggested three notable candidates for the job. If Gensler leaves earlier than expected, it could speed up the anticipated market growth. It could also end the SEC’s legal battles against Ripple and other blockchain companies.
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