Ripple celebrates Gary Gensler's departure from the SEC

Gary Gensler's term at the U.S. Securities and Exchange Commission (SEC) will end this Friday. Blockchain company Ripple, headquartered in San Francisco, is commemorating this event with enthusiasm. Stuart Alderoty, Ripple's General Counsel, went on social media and remarked, 'Starting tomorrow, 'Who is Gary?' will be the only appropriate answer if someone mentions his name. Let's go, Tiến!' The cruel attitude of Gesler The SEC has filed an opening summary in the ongoing lawsuit against Ripple earlier this week. The lawsuit revolves around the nature of XRP being deemed as a security and has been widely discussed in the cryptocurrency industry. However, Ripple seems unfazed. Alderoty called the latest legal action "noise," indicating that the SEC's new leadership may take a different approach. He also noted that the case could be delayed, as there are reports that some enforcement actions related to cryptocurrencies without allegations of fraud may be suspended. The appeal was made when the SEC, under Gensler, was accused by many in the industry of being too aggressive in the legal field. Ripple's lawyer, John Deaton, who is actively involved in the lawsuit against the SEC, has also criticized Gensler for his leadership.

He said Gensler has caused chaos at the SEC both inside and outside the courtroom. However, Deaton said there may be changes under the new chairman, Paul Atkins, nominated by President-elect Donald Trump. Atkins is expected to temporarily halt some of the actions against cryptocurrency companies, which would benefit Ripple. According to reports, SEC under Atkins intends to allow more cryptocurrency exchange-traded funds (ETFs) to trade. Analysts predict a 66% chance of approving an XRP ETF by 2025, which could lead to a flow of over $8 billion. Gensler became chairman of the SEC in 2021 and is expected to have an easier time grasping cryptocurrency due to his teaching experience in blockchain and cryptocurrency at MIT. At first, some in the industry, including Ripple CEO Brad Garlinghouse, welcomed his appointment. However, his time in this role has been controversial as the SEC has sued many large cryptocurrency companies. However, Gensler defended the SEC in an interview that cryptocurrency enforcement only accounts for 5% of the agency's workload. He called his four years at the SEC a "privilege for a lifetime". Trump administration and the surge of XRP The regulatory landscape may see big changes under President-elect Donald Trump, who has promised to dismiss Gensler and apply more lax market rules. Ripple CEO Brad Garlinghouse has been in constant contact with the new administration and is rumored to have met with Trump at Mar-a-Lago this month. According to the report, Garlinghouse has proposed the concept of a federal cryptocurrency reserve fund including XRP and Bitcoin. However, Ripple has not yet confirmed these discussions. Despite the prevailing legal uncertainties, XRP has delivered impressive results. This cryptocurrency has recently surged to $3.23, approaching the previous record of $3.40 set in 2018. Just in the past week, XRP has risen more than 40%, with higher-value transactions and increased holdings. Currently, XRP is trading at $3.28, up 2% in the past 24 hours. According to Santiment analysis company, there were 2,365 XRP transactions worth over $100,000 within eight hours in a day. In addition, over 500,000 new XRP wallets have been created in the past two months, indicating ongoing interest in this token.