Gary Gensler has officially stepped down as Chairman of the U.S. Securities and Exchange Commission (SEC), a move that may result in significant changes for the cryptocurrency landscape. This transition has sparked optimism within the Ripple community, with the company’s Chief Legal Officer, Stuart Alderoty, indicating that Gensler’s departure means less regulatory interference for the crypto sector.
What Did Gensler’s Tenure Mean for Ripple?
In his statements on social media, Alderoty emphasized that Gensler’s exit would likely diminish his influence on critical discussions affecting the industry. Ripple has been embroiled in legal disputes with the SEC since 2020, primarily concerning claims that XRP tokens were sold as unregistered securities.
How Will XRP Perform Post-Gensler?
Despite the SEC’s allegations, Ripple maintains that its sales practices comply with securities regulations. A recent court decision supported Ripple’s stance, ruling that XRP sales to retail investors were not violations. Following Alderoty’s remarks, XRP’s value climbed to $3.27, with some experts forecasting it could reach $10 soon. Alderoty quipped that the crypto community would soon forget Gensler’s name.
Market expectations are bolstered further by predictions from JPMorgan analysts, who estimate an XRP ETF could draw between $3-$8 billion if approved. Historical data suggests that similar approval for BTC and Ether ETFs captured 3-6% of market value.
Ripple’s ongoing legal journey and XRP’s performance reflect crucial insights into the SEC’s regulatory trajectory for cryptocurrencies. The uncertainty surrounding future regulations may open doors for XRP’s potential growth, making this pivotal moment a beacon of hope for Ripple and its supporters.
