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Gary Gensler, the head of the SEC, has faced significant resistance from the cryptocurrency industry over the past four years due to his enforcement actions. This has led to growing frustration among crypto investors, culminating in the announcement of his departure date from the SEC. Gensler will officially leave his position as Chairman on January 20, 2025.
Gensler’s Resignation
According to the official announcement from the SEC, Gensler’s resignation has coincided with a rise in XRP Coin price, which is approaching $1.16. Furthermore, other altcoins awaiting ETF approvals, such as XRP, SOL, and AVAX, may experience a more substantial increase in the hours to follow due to this event.
Political Implications
Former President Trump had previously stated that he would appoint a “crypto-friendly” chairman to replace Gensler as part of his election pledge. Gensler’s perceived animosity towards the crypto sector has turned into a political advantage for Trump, potentially aiding his campaign efforts.
In his farewell statement, Gensler expressed pride in working with SEC staff throughout his tenure. He thanked President Biden for the opportunity and emphasized the Commission’s mission to enforce the law impartially and without favoritism.
During congressional hearings, Gensler faced intense scrutiny, and SEC personnel were often ridiculed for inconsistencies. With Gensler’s departure, the crypto industry is now looking forward to regulations that support innovation.
