How Will Gary Gensler’s Resignation Affect the Crypto Market?
Along with Bitcoin getting closer to $100k, the crypto market is filled with joys discussing Gary Gensler’s resignation. The current SEC Chair is the most hated personality among investors due to his constant severe actions against the crypto industry and putting legal objections on various crypto service providers, which has kept most in fear and panic. It includes the lawsuit against Binance US, Kraken, Coinbase, and many others under the pretext of being unregistered securities and clearinghouses.
Many feared for the future of the crypto industry, but with this resignation, a new excitement is visible in the crypto market. More importantly, he is also stepping down from the commissioner post. As a result, he cannot defend his regulatory policies anymore.
Crypto Enthusiasts Reacting to Gary Gensler’s Resignation
It has been three days since Gary’s resignation news came out. In these three days, the market has gained a new bullish trajectory. With the excitement of witnessing a better crypto-friendly SEC chair, investors are flocking to the crypto market, pushing many cryptos to approach ATH.
The users witnessed the global market cap hitting a new ATH of $3.35 trillion. Additionally, the user’s sentiments entered an extreme greed zone. Many investors and crypto industry leaders flocked to X to post memes and personal notes, representing their happiness with this Gary news.
A Tribute To Gary Gensler:
Fuck You & Everything You Stand For
Sincerely,
The Entire XRP Army pic.twitter.com/Yvmf5ITJg1
— The Bearable Bull (@thebearablebull) November 22, 2024
Out of all this, Gary Gensler’s resignation has most positively affected the XRP holders. It is because of the SEC Vs. XRP lawsuit that has been running for years and seriously affected the Ripple token’s performance. Now, with this Gary Gensler resignation news, the XRP price pumped as high as $1.16 earlier in the day after a 49% rally over the week. Even the Ripple CEO, Brad Garlinghouse, tweets, “This Thanksgiving I’m thankful for” to show the excitement for the upcoming future.
This Thanksgiving, I’m thankful for… https://t.co/FHDPaRnRkU
— Brad Garlinghouse (@bgarlinghouse) November 21, 2024
Its impact is also visible on many tokens like Dogecoin and Cardano, as they have witnessed two-digit gains and are welcoming more.
How Will It Affect the Crypto Market?
The SEC brought hundreds of enforcement actions against crypto service providers during the four years of Gary’s tenure. In this, they have brought 104 actions in 2023 alone, where the defensive litigation fees alone hit $429M. Tired of this, 18 States sued the US SEC for constitutional overreach in crypto regulation. Now, experts believe that the industry will see a decrease in this count with the introduction of proper crypto rules and regulations.
Ever since Trump won the US elections, the bulls have taken over the crypto market. With that, the next milestone was to witness Donald firing Gary and introduce a much more crypto-friendly SEC Chair, and that is finally going to happen. As a result, the market boomed, Bitcoin price hit an ATH, XRP surged to a three-year high, and the industry is likely to witness one of the biggest booms per crypto experts.
Owen Lau, Oppenheimer Executive Director, and Senior Analyst, has called Gary Gensler’s resignation as the dramatic regime shift from violations of security laws to crypto capital in the world. He believes that many positive things will happen, especially with Donald Trump appointing a more crypto-embracing SEC chair.
Many crypto analysts also believe that the crypto market will witness a big boost with this. In this, Ali Martinez forecasts that the XRP price will hit $2. Even the ChatGPT prediction calls for $1.96 in the short term and much higher in the long term.
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