BREAKING NEWS: Gary Gensler Bids Goodbye To The SEC Amidst Major Lawsuit From 18 US States

A recent speech by SEC Chairman has left many speculating about his potential resignation from the SEC.

During his speech, Gensler seemed to be biding his farewell, saying

"It's been a great honour to serve with them, doing the people's work, and ensuring that our capital markets remain the best in the world."

Leaving the agency before he gets fired?

Needless to say, many are speculating that Gensler's potential resignation from the agency might have something to do with Donald Trump.

During his campaign, Donald Trump has repeatedly stressed that the first thing he would do on day one of entering the office is to fire Gary Gensler from his position as the Chairman of the SEC.

During his address at the Bitcoin 2024 conference in July, Trump famously said "On day one, I will fire Gary Gensler!"

Reasonably, many would presume that since Gensler's days are already numbered, then it would sound reasonable for Gensler to resign before he is officially kicked out of his office.

While many experts have doubted that "President" Trump would even have the authority to fire Gensler from his seat, because the agency is often seen as an independent agency that is free from the power of the government, but it seems that Gensler is throwing in the towel even before Trump has launched his attack.

Lawsuit against Gensler and the SEC

But others have speculated that Gensler's resignation has less to do with Trump and more to do with the lawsuit that was filed against him and the SEC.

Apparently, 18 US states, including Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, among others are accusing Gensler and his team of unconstitutional overreach and unfair persecution of the $3 trillion cryptocurrency industry.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by Chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

It seems that this seems like the real reason why Gensler is choosing to step down from his position as the Chairman of the SEC.

While there is no exact timeline to indicate when exactly Gensler will resign, Pro-ERP attorney James Murphy speculated that Gensler could leave as early as this month, citing how many previous SEC chairmans left their position less than a month after a new president was elected.

Effect of Gensler's resignation on crypto

Gensler's potential resignation (and replacement with a pro-crypto candidate) could fuel a significant market resurgence.

Industry participants speculate that Ripple's XRP will be among the top performers in such a scenario. Some also speculate that the leadership change could also lead to a drastic change in the Ripple-SEC lawsuit.

XRP's price shows potential for growth as the uncertainty surrounding its legal battles diminishes. Currently trading at approximately $0.71, XRP has seen a 28% increase over the past week. However, other cryptocurrencies like Dogecoin (DOGE), Cardano (ADA), and Shiba Inu (SHIB) have recorded even more significant gains during the same period.