Gary Gensler, the current SEC chairman and former Goldman Sachs exec, has announced his resignation, paving the way for Paul Atkins to take over. Gensler, known for his tough stance on crypto, will be replaced by Atkins, who has a more laissez-faire approach and sees cryptocurrency as a revolutionary technology.
John Deaton, a prominent lawyer advocating for XRP, responded sarcastically to the news of Gensler stepping down, expressing relief with a simple “too long.” Deaton has been critical of Gensler’s regulatory approach to crypto, especially in relation to XRP. His sentiments resonate with many in the crypto community who have been frustrated with Gensler’s policies regarding cryptocurrency.
Can Atkins Change The Game?
With Atkins taking the reins at the SEC, it is expected that the regulatory approach towards crypto will be less stringent, fostering a more favorable environment for the industry. This shift has already spurred a rally in crypto prices, as investors anticipate increased institutional participation in the market.
From a political standpoint, Atkins’ appointment signifies the influence of the crypto industry on regulatory decisions. While Gensler advocated for stricter ESG regulations, Atkins is wary of government intervention in such matters, potentially reducing the pressure on companies to adhere to ESG standards in the future. The long-term implications of these policy changes are yet to be fully understood.
Will XRP Price React?
Following the announcement of Gary Gensler’s resignation as SEC Chair, XRP experienced a significant price surge, reaching $1.50 and marking a 20% increase to its highest level in three years. The bullish momentum continued, propelling XRP to over $2.70 in the subsequent weeks. Currently, XRP is trading at $2.42. The question now arises: will this upward trend persist, and could XRP reach new all-time highs in the aftermath of Gensler’s departure?