As a seasoned crypto investor with a knack for deciphering political tea leaves and market trends, I find myself intrigued by the recent turn of events. The prospect of Donald Trump returning to the White House has stirred a whirlwind of emotions across various industries, and the crypto space is no exception.
After the votes have been counted, it’s now confirmed that the 47th President of the United States is actually the 45th one – Donald J. Trump. Now, the crypto world is left in suspense as they anticipate whether he will fulfill his numerous pledges to foster and nurture this industry in diverse ways.
At this year’s Nashville Bitcoin Conference, one commitment mentioned featured Gary Gensler, who currently serves as the Chair of the Securities and Exchange Commission.
Trump to Fire Gensler?
Remember the incidents that occurred towards the end of July, when the previous BTC critic made an appearance at the biggest US Bitcoin Conference. During this event, he declared several things, one of which was that if he were to win elections, he would dismiss Gensler on his very first day in office. He emphasized this point so strongly that he repeated it twice, following a wave of applause and cheers from the crowd.
With the ex-and-presumptive president claiming victory, there’s speculation about whether Gensler may find himself unemployed by January.
For several years, Gensler and his agency have been central figures in numerous legal disputes with cryptocurrency companies. Despite some losses and settlements, Gensler’s efforts haven’t resulted in a comprehensive regulatory framework for digital assets. Instead, they’ve created uncertainty about which digital assets should be classified as securities.
The Securities and Exchange Commission (SEC) has been particularly involved in a notable dispute with Ripple, a company led by Brad Garlinghouse. This conflict began approximately four years ago when the SEC filed a lawsuit against them, alleging that the initial sale of XRP amounted to unregistered securities sales worth around $1.3 billion.
The situation regarding the case remains unresolved, despite numerous updates related to it, which you can find here and here. It appears that, hypothetically speaking, Ripple might significantly benefit if Gensler steps down as SEC chairman within the upcoming months. So, what’s the current state of XRP’s value?
Why No Real Pump, XRP?
The majority of the market experienced an upward trend today, starting with Trump’s initial lead and culminating in his victory. Bitcoin reached a new record high at over $75,000, Solana (SOL) climbed by 15% to outrank BNB as the fourth-largest digital currency, Dogecoin (DOGE) jumped up past $0.2 due to its association with Musk, and many other meme coins saw double-digit growth spikes.
Currently, XRP has seen a modest 4% increase in value for today. Earlier, it briefly dropped below DOGE and lost its position as the seventh-largest cryptocurrency. However, it has since regained this spot.
As a crypto investor, I must admit that my excitement levels are fairly subdued at the moment for several reasons. Firstly, we’re still a couple of months away from Trump taking office, so any potential changes to cryptocurrency regulations remain uncertain. Secondly, it’s essential that Trump follows through on his promises and replaces Gensler as SEC Chair, but until he does, there’s a lot of speculation about who might take over and what their policies towards the crypto industry could be. Lastly, the ongoing lawsuit against Ripple is a significant factor in the current climate. Until we know more about how this will unfold, it’s difficult to predict the future direction of the market.
As a result, the ongoing political scenario and Ripple’s legal battle with the U.S. securities regulator remain uncertain, so XRP supporters may need to be patient as the court case unfolds and its impact on the asset’s value becomes clear.
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2024-11-06 14:42