Gary Gensler to Resign on the ‘First Day’ of Trump’s Term

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has pronounced that he will resign from his position on January 20, 2025. This day reportedly coincides with Donald Trump’s inauguration as President of the USA. 

Interestingly, this moment marks a full circle as it recalls Trump’s vow to ‘fire’ Gensler on his first day. With Gensler bidding adieu, the crypto community awaits the new regulatory policies that will be released soon by Trump.  

The SEC released an official statement of Gensler’s departure from the agency. Notably, the SEC Chair would be leaving a year earlier than his actual completion term, which is April 2026. Gensler was appointed on April 17, 2021, during Joe Biden’s governance. After being elected, he made waves in the economy through his robust approach to U.S. capital markets. Although his expertise in some high-profile enforcement cases has earned him appreciation, Gensler’s iron-fist approach to cryptocurrency earned him brickbats.

On several occasions, Gensler had locked horns with eminent crypto personalities. A notable case between the SEC and the crypto community would be Ripple’s XRP. Although the U.S. Court ruled that XRP was a token and not a security, the SEC had not stopped its hold on the case. Apart from XRP, the SEC had regulatory issues with other crypto exchanges like Binance, Kraken, Mango Markets, etc. 

With Gensler soon to be relieved, several candidates like Teresa Goody Guillén, Mark Uyeda, Chris Giancarlo, and Paul Atkins’ names have been shortlisted to fill the position. In addition, Trump is set to introduce a new position called ‘crypto czar,’ which would play an important role in the crypto community.

Following Gensler’s resignation announcement, several XRP enthusiasts expressed their optimism towards the future crypto space. Their enthusiasm aligns with the XRP token’s remarkable surge of over 23% over the last 24 hours. At press time, XRP trades at $1.4, a price point seen in 2021. The token has witnessed a 77% uptick in a week and 163% increase in a month. Moreover, speculations are rife that if XRP keeps the same pace, it will soon surpass $3, which was last seen in 2018.