Gary Gensler officially concluded his tenure as Chairman of the U.S. Securities and Exchange Commission (SEC) on Friday, marking the end of an era defined by aggressive cryptocurrency regulation. Stuart Alderoty, Chief Legal Officer (CLO) at Ripple, took to social media with a pointed remark, suggesting that Gensler’s relevance in discussions about the SEC would vanish starting Saturday.
Today marks Gensler’s last full day. Starting tomorrow, ‘Gary who?’ will be the only appropriate response if someone mentions his name. Onward.
— Stuart Alderoty (@s_alderoty) January 17, 2025
Alderoty’s comment, “Gary who?” underscores the crypto industry’s contentious relationship with Gensler, particularly amid Ripple’s ongoing legal battle with the SEC. The lawsuit, initiated in 2020, centers on the SEC’s claim that Ripple’s XRP token constitutes an unregistered security. While Ripple secured a partial court victory in 2023—ruling that XRP sales to retail investors did not violate securities laws—the SEC has since appealed, prolonging the uncertainty.
Gensler’s Legacy: Crypto Enforcement and Controversy
During his tenure, Gensler spearheaded over 80 enforcement actions against crypto firms, targeting industry giants like Coinbase, Uniswap, and Ripple. Critics argue that this aggressive approach stifled innovation, while supporters highlight his efforts to protect investors. Despite the controversies, Gensler maintained that crypto enforcement represented only a fraction of the SEC’s broader regulatory activities.
It has been the privilege of a lifetime to work for you as @SECGov Chair.
— Gary Gensler (@GaryGensler) January 17, 2025
Over the last four years, we updated rules in our equity market & Treasury Markets, & shortened the settlement cycle. We returned more than $2.7B to harmed investors.
A quick look at the last four years: pic.twitter.com/gUBfaiURMx
XRP’s Price Surge and Bullish Momentum
As news of Gensler’s departure circulated, XRP surged to $3.27, recording a 39.71% gain over the past week. Analysts observed a bullish pennant pattern on XRP’s weekly chart, suggesting potential upward momentum. Projections for XRP’s short-term price targets include $5, $10, and even $20, fueled by whale accumulation and strong technical patterns like the “bull flag.”
XRP ETF Speculation Builds
Adding to the optimism, JPMorgan analysts predicted XRP ETFs could draw inflows of $3 billion to $8 billion if approved. Such adoption could rival early BTC and Ether ETFs, potentially boosting liquidity and market acceptance.
At press time, XRP’s market cap stands at $188.16 billion, with a 24-hour trading volume of $13.8 billion, solidifying its position as a top-performing cryptocurrency amid leadership shifts and regulatory debates.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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