The cryptocurrency world is abuzz with the recent news of Gary Gensler stepping down as the SEC chairman and Paul Atkins taking over. Gensler, a former Goldman Sachs executive, has been known for his tough stance on crypto, while Atkins, chosen by President Trump, is seen as a proponent of letting the free market thrive and views cryptocurrencies as revolutionary technology.
The announcement of Gensler’s departure was met with mixed reactions, with Pro-XRP lawyer John Deaton sarcastically commenting, “too long.” Deaton, a vocal critic of Gensler’s approach to crypto, especially in relation to XRP, reflects the frustration felt by many in the crypto community under Gensler’s leadership.
Now, with Atkins at the helm of the SEC, there is optimism for a more favorable environment for the crypto industry. The shift in leadership has already caused a rally in crypto prices, as investors anticipate increased institutional involvement. Some believe Atkins’ appointment demonstrates the influence of the crypto industry on regulators, with expectations of less stringent regulations and potentially reduced pressure on companies to meet ESG standards.
One cryptocurrency that has already seen a positive reaction to Gensler’s resignation is XRP. Following the news, XRP surged to $1.50, marking a 20% increase to its highest price in three years. The momentum continued, pushing XRP even higher to over $2.70 in the following weeks, and it is currently trading at $2.42. The question now is whether this boost will continue and if XRP could reach new all-time highs in the aftermath of Gensler’s departure.
The changing landscape of cryptocurrency regulation under Atkins’ leadership and the potential impact on XRP and other cryptocurrencies remain to be seen. However, the optimism surrounding the new SEC chairman and his more favorable view of crypto technology has certainly sparked hope for a brighter future for the industry.