Gary Gensler Resigns News Sparked Surge in XRP Price to 15%

Gary Gensler Resigns: XRP Price Up Amid Hints of SEC Chair Departure

In a surprising turn of events, the XRP price has surged following recent remarks by SEC Chair Gary Gensler, who hinted that he may resign soon. Gensler's tenure has been marked by controversy, particularly around cryptocurrency regulation, leaving XRP investors hopeful for a more favorable legal landscape.

Did Gary Gensler Resigned? 

During the 56th Annual Institute on Securities Regulation, hosted by the Practising Law Institute (PLI), Gary Gensler statement hinted at his possible departure. In his concluding remarks, Gensler expressed gratitude for his tenure, which many interpreted as a farewell. "It’s been a great honor to serve with them, doing the people’s work, and ensuring that our capital markets remain the best in the world," he stated. The full speech is available on the SEC's official website.

Impact on XRP Crypto Price

XRP, along with its parent company Ripple Labs, has faced significant challenges under Gensler's leadership. The SEC has argued that XRP is an unregistered security, leading to a prolonged legal battle and regulatory uncertainty. Many in the crypto community believe that Gary Gensler resign could lead to a more lenient approach towards digital assets, potentially easing the regulatory pressure on XRP and other cryptocurrencies.

Following Gary Gensler resignation hint, the XRP price surged as investors speculated on a potential shift in regulatory stance. At the time of writing, the XRP price was trading at $0.7961, marking a 15% surge in a day. The market cap stood at $45.32 billion, with a 24-hour trading volume of $11.26 billion. Investors are hopeful that Gary Gensler news will pave the way for clearer and more supportive crypto regulations.

Source: CoinMarketCap

The market’s positive reaction underscores how sensitive crypto prices are to regulatory news. Investors are optimistic that a new SEC chair might adopt a more balanced approach, fostering a friendlier environment for cryptocurrencies. Moreover, XRP price prediction hints the token to hit $2 by 2025 and $5.00 by 2030.

Future of Crypto Regulation

Gensler’s tenure has been tumultuous, with a strong focus on regulating the crypto industry. His enforcement actions have led to significant litigation costs, estimated at $426 million since 2021, as highlighted by the Blockchain Association. Critics argue that the SEC's lack of clear policies under Gensler’s leadership has stifled innovation.

With the 2024 election results potentially triggering changes in leadership, there is hope for a shift in the SEC’s approach. SEC Commissioner Mark Uyeda, a known critic of Gensler's enforcement-heavy tactics, is among those considered as a possible successor.