With the recent resignation of Gary Gensler, the crypto market is experiencing a new wave of excitement. Gensler, the current SEC Chair, was known for his strict regulatory actions against the crypto industry, causing fear and panic among investors. Many crypto service providers, including Binance US, Kraken, and Coinbase, faced legal objections under his tenure. However, with his resignation, investors are hopeful for a more crypto-friendly SEC chair to take over.
The news of Gensler’s resignation has positively impacted the crypto market, with Bitcoin nearing $100k and many altcoins gaining momentum. XRP holders, in particular, welcomed the news as it has a significant effect on the ongoing lawsuit between XRP and the SEC. The price of XRP surged following the announcement, reaching $1.16 and showing a 49% rally over the week. Ripple CEO Brad Garlinghouse also expressed his excitement for the future in a tweet.
Experts believe that Gensler’s resignation will lead to a decrease in enforcement actions against crypto service providers. During his tenure, the SEC brought numerous enforcement actions, leading to hefty litigation fees and legal battles. With the introduction of proper crypto regulations under a new SEC chair, the industry is expected to see a positive shift. Analysts are predicting a bullish trend in the market, with some forecasting significant price increases for cryptocurrencies like XRP.
The crypto market has been on a bullish trajectory since Donald Trump’s election win, and Gensler’s resignation has further fueled the market’s growth. Many industry leaders and analysts anticipate a new era of crypto-friendly policies under a new SEC chair appointed by Trump. The market has seen significant gains in Bitcoin, XRP, Dogecoin, and Cardano, signaling a positive outlook for the industry as a whole.
Overall, the crypto market is experiencing a period of optimism and growth following Gensler’s resignation. With a new SEC chair expected to bring more crypto-friendly regulations, investors are hopeful for a prosperous future. The market has seen new all-time highs and increased investor interest, setting the stage for continued growth and development in the crypto industry. As analysts predict further price increases and market rallies, the outlook for cryptocurrencies remains positive in the wake of Gensler’s departure.
