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Ripple price rises 5% as SEC’s Gary Gensler announces resignation

Ripple price rises 5% as SEC’s Gary Gensler announces resignation

GrafaGrafa2024/11/22 07:00
By:Isaac Francis

Ripple’s XRP (CRYPTO:XRP) surged 5% following the announcement that SEC Chairman Gary Gensler will step down from his position on January 20, 2025.

The news came via Gensler’s thread on X, where he reflected on his tenure and praised the SEC’s mission-driven staff.

“The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprises true public servants,” Gensler wrote.

The broader cryptocurrency market showed little reaction to the announcement, but Ripple’s XRP experienced an immediate price boost.

The SEC has been engaged in a long-standing lawsuit against Ripple, and market participants speculate that Gensler’s resignation might lead to a shift in the agency’s stance.

While this remains speculative, the prospect of new leadership brings potential implications for ongoing regulatory actions against crypto-focused firms.

The timing of Gensler’s resignation coincides with the inauguration of Donald Trump as the 47th President of the United States, adding further attention to the future direction of the SEC under new leadership.

Ripple’s case against the SEC has been a focal point for the crypto industry, with outcomes potentially setting precedents for regulatory treatment of digital assets.

Observers will closely monitor who succeeds Gensler and whether the SEC’s approach to cryptocurrency regulation will shift.

At the time of reporting, the XRP price was $1.32.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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