As a seasoned crypto investor with a knack for keeping my eyes on the regulatory horizon, Gary Gensler’s decision to step down as SEC Chairman has stirred a whirlwind of speculation among us digital asset enthusiasts. With Ripple’s XRP being the immediate beneficiary of this news, I can’t help but wonder what the future holds for the ongoing lawsuit against the company.
On X, Gary Gensler, who serves as the Chairperson of the U.S. Securities and Exchange Commission, declared that he plans to leave his role effective January 20th, 2025.
On X, Gensler posted a series of tweets, verifying what numerous people had presumed. He plans to relinquish his position on January 20th – the same day Donald Trump will take office as the 47th President of the United States.
Gensler stated that the Securities and Exchange Commission (SEC) is an exceptional organization. Its employees and commissioners are highly dedicated to their mission, which involves safeguarding investors, promoting capital growth, and ensuring fair market practices for both investors and issuers. The staff members can be considered genuine public servants.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread
— Gary Gensler (@GaryGensler) November 21, 2024
In response to the latest news, most cryptocurrencies remained relatively stable, but Ripple‘s XRP experienced a significant surge of approximately 5%, almost instantly following the announcement.
The Securities and Exchange Commission (SEC) has been engaged in an ongoing legal battle with Ripple, and some people think that with Gary Gensler’s departure, the agency may alter or become more lenient in its position towards Ripple. However, this is merely speculation, as it remains to be seen who will replace him and how they might handle pending cases involving several crypto-centric companies.
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2024-11-21 21:58