The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, announced Thursday that he will bid goodbye to the agency and give up on his efforts to reign in the digital assets industry until his term ends in 2026.
After leading the SEC’s crypto crackdown, Gensler said he would fully leave his post on the day President-elect Donald Trump is sworn in.
Gensler To Resign January 20
After serving as the SEC’s 33rd chair since April 17, 2021, Gary Gensler has announced his plans to leave on January 20, 2025, as per a Nov. 21 statement. Gensler stated that it was an “honor of a lifetime” to work with fellow SEC staff.
“The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike. The staff comprises true public servants,” he posited. “It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
As the head of the agency, Gensler gained a reputation for pursuing enforcement actions against many high-profile crypto companies. During his tenure, the SEC filed lawsuits against Binance, Coinbase, Kraken, and others, alleging the exchanges were unregistered securities brokers and clearinghouses.
XRP Price Boom Confirmed?
Notably, the most famous case is the SEC’s lawsuit against San Fransisco-based blockchain payments firm Ripple, which has attracted heaps of criticism as it has dragged on since 2020. While the suit is currently in an appeals process, the XRP Army continues to be bullish about the coin’s future.
Even though Gensler provoked anxiety and outrage among some crypto participants, 11 spot Bitcoin exchange-traded funds (ETFs) and 8 Ether ETFs were approved under his tenure. In fact, he was among three of five commissioners who voted in favor of BTC ETFs. These products have played an important part in lifting Bitcoin’s price to record highs this year.
Following Donald Trump’s White House victory, it was widely expected that Gensler would resign before being ousted by the pro-crypto President-elect. In Gensler’s absence, the SEC might ultimately settle with Ripple, ending the bearish regulatory pressure that has long weighed down on the price of XRP. If this happens, it could trigger a ballistic XRP rally, especially after the token recently blasted past the $1 psychological threshold.
As of publication time, XRP changed hands for $1.18 per coin, demonstrating a 9% gain over the last 24 hours.
The post Face-Melting XRP Rally Incoming? Crypto Nemesis Gary Gensler To Resign When Trump Assumes Office appeared first on Zycrypt.
