If Trump fired SEC Chairman Gensler on the 1st, why isn’t Ripple (XRP) up today?

The votes have been cast, and now it’s official that the 47th President of the United States will be the 45th: Donald J. Trump. Now, the crypto industry will wait to see if he will fulfill his multiple promises to let it thrive and support it in various ways.

One such promise made during the Nashville Bitcoin conference earlier this year involved Gary Gensler, the current chairman of the Securities and Exchange Commission.

Trump to fire Gensler?

Remember the events that happened at the end of July, when the former critic of BTC took the stage of the largest Bitcoin conference in the US and, among other things, said that he will fire Gensler on his first day in office if he wins the election. He was so adamant in his proclamation that he repeated it twice after the crowd broke into applause.

Now that the former and future president has officially declared himself the winner, the question arises whether Gensler will be out of a job in January.

Gensler and the agency he ran for several years have been at the forefront of multiple lawsuits against crypto companies. While quite a few battles have been lost or settled at best, Gensler has ultimately failed to provide clear regulation on digital assets and has led to confusion about which ones are actually securities.

Perhaps the most well-known fight the SEC has been involved in is with Ripple. It started almost four years ago and the Commission sued the company led by Brad Garlinghouse, alleging that the initial sales of XRP constituted sales of unregistered securities worth $1.3 billion.

The case has yet to be resolved, although there have been many updates on it, which you can check here and here. However, it seems, at least in theory, that Ripple could be among the biggest beneficiaries if Gensler is no longer at the helm of the SEC in the coming months. So what is happening to the price of XRP?

Why no real bomb, XRP?

Most of the market rallied today after Trump’s early lead and subsequent victory. Bitcoin Hits New All-Time High Above $75,000, SOL Soars 15% To Overtake BNB As 4th Largest Digital Asset, DOGE Soars North Of $0.2 As Its Affiliation With Musk, while many other meme coins posted double-digit increases. .

At the same time, XRP is up a modest 4% on the day. At one point, it even lost its spot as the 7th largest cryptocurrency on DOGE, but has managed to regain it.

The reasons for this lack of enthusiasm, to say the least, could be multiple. First, it will be a couple of months before Trump takes office. Second, he should be true to his word and actually fire Gensler. Third, there is no indication of who the next SEC chairman will be, what policies they will have related to the cryptocurrency industry and the lawsuit against Ripple in particular.

Consequently, there is still a lot of uncertainty surrounding the current political situation and Ripple’s case against the US securities regulator. XRP bulls may have to wait a little longer to see the conclusion of the lawsuit and what would happen to the price of the asset.

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