Donald Trump Threatens to Dismiss SEC Chair Gary Gensler if Elected Will XRP Reach 1
At the 2024 Bitcoin Conference in Nashville, former President Donald Trump made a grand entrance, voicing his unwavering support for the Bitcoin community. He also announced plans to establish an advisory council and dropped a bombshell by declaring his intention to fire SEC Chair Gary Gensler on his first day back in office if reelected.
“I will not waste any time in removing Gary Gensler from his position and appointing a new SEC Chair as soon as I am sworn in. The unjust persecution and weaponization against your industry will come to an end. I will appoint a new SEC chair who shares the vision of building a future for America rather than obstructing it,” Trump confidently stated.
The XRP community was electrified by Trump’s remarks, with anticipation building as the Bitcoin price surged towards the $70k milestone. However, the reaction from XRP was subdued, with the coin experiencing a slight decline of over one percent and trading at $0.60 levels.
The rift between Ripple and Gary Gensler dates back to the SEC’s decision to classify Bitcoin and Ethereum as cryptocurrencies but exclude XRP. In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging that they had unlawfully offered unregistered securities amounting to $1.3 billion. The SEC argued that Ripple had raised funds by exchanging XRP for non-monetary assets without providing essential investor disclosures.
The legal battle raised questions about whether XRP should be subject to securities regulation. Ripple’s CEO, Brad Garlinghouse, contended that XRP should be considered a currency and criticized the lawsuit for targeting the broader cryptocurrency industry. Despite Ripple’s defense efforts, the lawsuit had a detrimental impact on both XRP and Ripple.
Major asset managers like Grayscale Digital offloaded their XRP holdings, and wallets containing over 1 million XRPs hit their lowest levels since 2019. XRP’s value plummeted by 75%, leading some experts to speculate that it could become worthless.
Although the ongoing lawsuit has impeded XRP’s progress, its solid market position and Ripple’s global expansion initiatives hint at the potential for significant growth once the legal disputes are resolved.