Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), announced his resignation effective January 20, 2025, coinciding with Donald Trump's inauguration as the 47th President of the United States. And this is a big hope for XRP.
This announcement, shared through a thread on Gensler's X account, confirmed long-held suspicions about his departure from a role where he has been instrumental in protecting investors and facilitating efficient market operations.
In his announcement, Gensler paid homage to the SEC, lauding it as a remarkable institution dedicated to safeguarding investors and fostering capital formation.
He praised the staff as committed public servants dedicated to ensuring that financial markets function effectively for all participants.
Interestingly, while the broader cryptocurrency market remained largely unaffected by the news, Ripple’s XRP saw a notable 5% surge. This spike comes as the SEC continues its protracted legal battle against Ripple, leading to speculation that Gensler’s resignation might prompt a shift in the agency’s approach toward ongoing cryptocurrency-related cases. Observers now keenly await the appointment of Gensler’s successor, who will inevitably face pivotal decisions regarding the SEC’s pending cases against various crypto enterprises.
The implications of Gensler’s exit extend beyond individual market fluctuations, potentially influencing the SEC’s regulatory stance while bringing uncertainty and speculation to the forefront of financial discussions.