XRP, the sixth largest crypto asset by market capitalization has surged by 24.1% in the last 24 hours following the announcement of Gary Gensler’s stepping down from office.
The current United States Securities and Exchange Commission chief Gary Gensler has announced that he will be stepping down from his post on January 20, 2025.
The crypto asset surged in price after this news was made public due to an ongoing case involving XRP’s parent company Ripple Labs and the US SEC.
Ripple Labs and the Gary Gensler-led SEC have been locked in a fierce legal tussle for months with the agency accusing the company of selling XRP as an unregistered security.
Both parties have been locked in this case since 2020 with lots of back-and-forth in the full glare of the global crypto community concerned about what the outcome of the case will mean for the industry.
Gary Gensler announces decision to step down
Gary Gensler announced on X his decision to step down as the Chairman of the Securities and Exchange Commission in the month of January.
“On January 20, 2025 I will be stepping down as @SECGov Chair.
The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issuers alike. The staff comprises true public servants.
It has been the honor of a lifetime to serve with/ them on behalf of everyday Americans & ensure that our capital markets remain the best in the world. I thank POTUS for entrusting me w/ this incredible responsibility.
The SEC has met our mission & enforced the law w/o fear or favor.” Gary tweeted.
Gary Gensler has been under fire from the crypto community for various charges brought against crypto founders during his reign. The incoming president of the United States Donald Trump even promised the crypto community that he would fire him if he is elected.
The Biden administration was been perceived as an Anti-crypto one due to the many litigations that plagued the crypto industry under Gensler. The Ripple Labs vs SEC case is a good example.
What to Know
- XRP at the time of this report is exchanging hands for $1.39 surging by 24.1% in the last 24 hours with a maximum price of $1.42 and a minimum price of $1.10.
- The crypto asset has surged by a whopping 75.0% in the last 7 days and 154.0% in the last 2 weeks.
- Ripple Labs is on a mission to revolutionize cross-border payments using the power of cryptocurrency.
