- The SEC chair described the commission as a mission-driven commission focused on protecting investors.
- Gensler is known for his hardline stance on cryptocurrency regulation and will now leave the commission on the same day President-elect Donald Trump, who is pro-crypto, begins his second term in office
- The price of Ripple's token, XRP, increased by 21.09% in the past 24 hours to $1.44
The chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has announced his resignation effective January 20, 2025.
In a press statement dated November 21, 2024, and published on the SEC website, which Gensler shared on his X account, the SEC chair described the commission as a mission-driven commission focused on protecting investors.
“On January 20, 2025, I will be stepping down as SEC Chair,” he posted. “The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors & issuers alike. The staff comprises true public servants.”
He added that “it has been an honour of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world. I thank POTUS for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favour.”
Gensler is known for his hardline stance on cryptocurrency regulation and will now leave the commission on the same day President-elect Donald Trump, who is pro-crypto, begins his second term in office.
During the presidential election campaigns in July this year, Trump vowed to fire Gensler and crypto enthusiasts expect him to make real his promise if Gensler had not announced his resignation. Although the president can choose a chair to lead the SEC, he cannot make a commissioner quit the agency, as Gensler intends to do in January.
Trump pledged to replace Gensler and other agency heads with more industry-friendly appointees, expressing his desire to make America "the crypto capital of the world."
According to reports, the president-elect is thinking of appointing Summer Mersinger as the chair of the Commodity Futures Trading Commission (CFTC), another important financial regulator in the United States.
XRP reacts to SEC Chair’s resignation
Just after Gensler’s resignation became public, the crypto market reacted. The price of Ripple's token, XRP, increased by 21.09% in the past 24 hours to $1.44. The token’s 24-hour volume of trade also increased by 175.03% to $21.24 billion and the market cap increased by 20.85% to $82.18 billion, according to Coinmarketcap data.
XRP has gained more than 180% up from roughly $0.5, where it had traded for the majority of the previous two years, in the last 30 days.
Gensler has been central in the raging legal battle between Ripple and the SEC.
Ripple has been charged by the SEC with raising $1.3 billion by selling XRP, which it views as an unregistered security. The 2020 lawsuit caused XRP's value to decline and resulted in its delisting from multiple exchanges.
How crypto trader turned $865 to $6.4 million with Chill Guy meme coin
Meanwhile, TheRadar earlier reported that trading cryptocurrencies is one of the most unpredictable and volatile ventures, involving risks that could lead to massive losses. But the risk could also lead to massive profits and riches.
In the case of a certain crypto trader who decided to buy a largely unknown meme coin, Chill Guy (CHILLGUY), it was massive profits. The smart trader turned an initial investment of $865 into $6.4 million trading the meme coin, which surged by 511% in the past day.
