Donald Trump Vows To Fire SEC Chairman Gary Gensler If Elected: Will XRP’s Road To $1 Get Back On Track?
The post Donald Trump Vows To Fire SEC Chairman Gary Gensler If Elected: Will XRP's Road To $1 Get Back On Track? It first appeared on Coinpedia Fintech News
Former President Donald Trump took the stage at the 2024 Bitcoin Conference in Nashville. In addition to expressing his full support for the Bitcoin community and pledging to establish an advisory council, Trump also made the bold move to fire SEC Chairman Gary Gensler if re-elected.
“On day one, I will fire Gary Gensler and appoint a new SEC chairman,” Trump said. The moment I am sworn in, persecution will cease and arms will end against your industry. I will appoint a new SEC chairman who believes America should build the future, not the future.
The XRP community is buzzing with excitement after Trump's announcement. While the price of Bitcoin is heading towards the $70k mark, XRP did not react to the news. XRP is currently down more than one percent and is trading at $0.60 levels.
Ripple Vs Gary Gensler
The SEC classifies Bitcoin and Ethereum as cryptocurrencies but not XRP. In December 2020, the SEC charged Ripple and its executives with offering unregistered securities worth $1.3 billion. The SEC stated that Ripple raised capital by converting XRP to non-cash transactions without providing required investor information.
This lawsuit has sparked a debate over whether XRP should be regulated as a security. Ripple CEO Brad Garlinghouse argued that XRP is a currency and that the lawsuit targets cryptocurrencies more broadly. Despite Ripple's defenses, the lawsuit has had a significant impact on XRP and Ripple.
Asset managers such as Grayscale Digital have seen their XRP holdings and wallets with more than 1 million XRPs reach their lowest level since 2019. The price of XRP has dropped by 75%, and some experts have predicted that it may become worthless.
Ongoing lawsuits have hindered XRP's growth, but its strong market position and Ripple's global expansion suggest that it could see significant appreciation once the legal issues are resolved.
