Ripple (XRP) price rises 5% after news that Gary Gensler is leaving

US Securities and Exchange Commission Chairman Gary Gensler addressed X to announce that he will step down on January 20, 2025.

Gensler posted a thread on his account on X, confirming what many already suspected. He will step down from his post on January 20, the day Donald Trump will be inaugurated as the 47th president of the United States.

“The SEC is a remarkable agency. The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that markets work for both investors and issues. The staff is trained for true public servants”. – said Gensler.

On January 20, 2025, I will resign as a @SECGov chair

A thread ⬇️

— Gary Gensler (@GaryGensler) November 21, 2024

The broader cryptocurrency market didn’t react as much to the news, with the exception of Ripple’s XRP, which exploded 5% immediately after.

Source: TradingView

The SEC is in a protracted lawsuit against Ripple, and many believe that with Gensler’s resignation, the agency could change its position or at least soften it in the future. Of course, this is just speculation, but it will be interesting to see who will put their skin on the line and what they would do in relation to the pending cases involving the SEC against a multitude of cryptocurrency-focused companies.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato Readers on Bybit – Use this link to register and open a FREE $500 position with any currency!