Gary Gensler May Resign as SEC Chairman This Month (Pro-XRP Lawyer Explains)

TL;DR

After Trump’s election, speculation has grown about the possible firing or resignation of SEC Chairman Gary Gensler. His departure and possible replacement by a pro-crypto leader could boost the market, especially Ripple’s XRP. “Is it time to say goodbye?”

Donald Trump’s victory in the US presidential election was followed by a massive cryptocurrency market run. This was rather to be expected, as the Republican made numerous pro-crypto promises during his campaign.

One of them includes the firing of US Securities and Exchange Commission Chairman Gary Gensler on 1. For the uninitiated, the agency and its leader have been at war with many cryptocurrency companies, filing countless demands over the years.

Although Trump’s inauguration is scheduled for January 20, pro-XRP attorney James Murphy (who goes by MetaLawMan at X) believes Gensler may leave office as soon as this month.

He recalled that the regulator’s former chair, Mary Jo White, resigned six days after the 2016 US presidential election. Her successor, Jay Clayton, did the same 13 days after Joe Biden won the contest in November of 2020.

The SEC is an independent federal agency, which has led some industry participants to question whether the US president has the authority to remove his presidency. Murphy said the Supreme Court hasn’t had a chance to rule on the issue since the Commission’s previous leaders stepped down in a change of administration.

“But some Sup Ct judges, the Harvard Law Review, the Yale Journal of Regulation (and I) believe the president has the authority to fire the SEC chairman if it comes to that,” he added.

The Possible Effect

The potential resignation of Gensler (and his replacement by someone pro-crypto and more open to innovation) could fuel a major resurgence in the market.

Industry participants speculate that Ripple’s XRP will be among the top performers in this scenario. Some lawyers, such as Jeremy Hogan and Fred Rispoli, believe the agency’s new leadership will lead to drastic changes in the Ripple v. SEC case.

The former predicted that the regulator could dissolve all non-fraudulent crypto lawsuits filed over the years. He assumed that the Ripple counter could be settled for the previously dictated amount of $125 million.

Rispoli stated that such a layoff is “unrealistic.” On the other hand, he argued that the $125 million fine is the biggest win the SEC can get in the case.

The price of XRP can thrive in the absence of the uncertainty surrounding the legal fight. It is currently trading around $0.71, which represents a 28% increase on a weekly basis. In comparison, Dogecoin (DOGE), Cardano (ADA), Shiba Inu (SHIB) and many more cryptocurrencies have posted much more impressive gains during this period.

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