Official announcement from the SEC or a credible news outlet

SEC Chair Gensler Hints at Resignation Amid Lawsuit; XRP Soars to $0.80

Nov 14, 2024, 08:02 PM

SEC Chair Gary Gensler delivered a speech at the Practicing Law Institute’s 56th Annual Institute in which he defended his regulatory approach to cryptocurrency markets, emphasizing investor protection and compliance. Gensler hinted at a possible resignation before his term ends in June 2026, stating he was "proud to serve" as SEC chair. This has led to widespread speculation within the crypto community about his imminent departure, possibly influenced by the incoming Trump administration, and the potential impact on crypto regulations. Notably, 18 states have sued the SEC and Gensler for "gross government overreach" in their anti-crypto agenda. Gensler also took credit for approving Bitcoin ETFs and noted that courts have supported his crackdown on crypto. The crypto market reacted positively to the news, with XRP's price surging to $0.80 and Bitcoin also experiencing gains. Michael Saylor, co-founder of MicroStrategy, commented that replacing Gensler would be "incredibly bullish for digital assets," predicting more pro-Bitcoin policies under new leadership.