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SEC's Gensler Suggests Resignation as 18 States Sue; Crypto Prices Surge
Nov 14, 2024, 07:28 PM
SEC Chair Gary Gensler has released a statement suggesting he may be stepping down from his position. In his address, Gensler stated, 'I've been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.' The speech included a defense of his regulatory stance on cryptocurrencies, with notable shifts in tone, such as changing from referring to 'most of which are securities' to 'many of which courts ruled are securities.' The announcement has sparked widespread speculation about his potential resignation ahead of the possible incoming Trump administration, which has vowed to dismiss him. Additionally, Gensler is facing a lawsuit filed by 18 states accusing the SEC of unconstitutional overreach. The crypto market has reacted positively to the news, with Bitcoin and other cryptocurrencies surging, and XRP rising over 15%.
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