Ripple (XRP) Price Pumps 5% Following News that Gary Gensler Will Quit
The Chairman of the US Securities and Exchange Commission, Gary Gensler, took to X to announce that he will be stepping down from his position on January 20th, 2025.
Gensler published a thread on his account on X, confirming what many already suspected. He will step down from his position on January 20th the day Donald Trump is to be inaugurated as the 47th President of the United States.
The SEC is a remarkable agency. The staff & the Commission are deeply mission-drive, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issues alike. The staff comprises true public servants. Gensler said.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread
Gary Gensler (@GaryGensler) November 21, 2024
The broader cryptocurrency market didnt react that much to the news, with the exception of Ripples XRP, which exploded by 5% immediately after.
The SEC is in a prolonged lawsuit against Ripple, and many believe that with Genslers resignation, the Agency might change its stance or at least soften it going forward. Of course, thats just speculation, but its interesting to see who will step in his shoes and what they would do in regard to the pending cases that the SEC is involved in against a multitude of crypto-focused companies.
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