- Gary Gensler will step down as SEC Chairman on January 20, 2025, ahead of Trump’s inauguration.
- Potential acting SEC Chair candidates include Mark Uyeda, Hester Peirce, Chris Giancarlo, and Paul Atkins.
Gary Gensler, has announced that he will resign from his position on January 20, 2025, when President-elect Donald Trump is expected to take office. Gensler’s decision to step down will leave the SEC under the leadership of an acting chair, with potential candidates including SEC Commissioners Mark Uyeda and Hester Peirce, both known for their pro-crypto stance.
The announcement that Gensler will resign, instead of being fired or demoted by Trump as initially speculated, has sparked discussions about the future direction of the SEC under new leadership.
While Gensler will relinquish his role as Chairman, it remains unclear if he will completely depart from the Commission. His departure will likely create a power vacuum, possibly leaving the SEC under the guidance of an acting chair until a permanent replacement is confirmed by the Senate.
Gensler’s tenure has been marked by his strong regulatory approach toward the cryptocurrency sector. Under his leadership, the SEC pursued several high-profile enforcement actions against crypto firms, with many in the industry accusing the Commission of overstepping its authority.
This includes the ongoing lawsuit between the SEC and Ripple Labs, which has been closely watched by crypto investors and regulators alike. Gensler’s critics, especially those within the Republican Party, have argued that his regulatory actions are hindering the growth of the $3 trillion crypto market and violating states’ rights to regulate their own economies.
Following Gensler’s resignation, several key figures are being considered to lead the SEC. Hester Peirce, often referred to as “Crypto Mom” due to her advocacy for the crypto industry, is a strong candidate. Nominated by President Trump during his first term, Peirce has long criticized Gensler’s policies, particularly his aggressive stance against crypto.
Peirce, however, has indicated she plans to leave the SEC in 2025, which may limit her interest in taking the Chair role.
Mark Uyeda, another SEC Commissioner and a known proponent of crypto, is also seen as a leading candidate. Uyeda has worked closely with Peirce on several occasions, opposing Gensler’s regulatory approach.
His background as securities counsel to former Senator Pat Toomey gives him substantial political and regulatory experience, making him a viable choice for the SEC’s top position.
Other names in the running include Chris Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC), who is known for his pro-crypto stance and his work in recognizing Bitcoin and other digital assets as commodities.
Giancarlo’s leadership at the CFTC helped establish a regulatory framework for crypto derivatives and futures, a stance that crypto investors have praised.
Additionally, former SEC Commissioners such as Paul Atkins and Robert Stebbins are also being discussed. Both have long histories with financial regulation, with Atkins playing a significant role in Trump’s financial regulatory policy during his first term.
Stebbins, a former SEC General Counsel, has been involved in creating regulations for crypto markets, making him a strong candidate to replace Gensler.
The debate over Gensler’s successor reflects the ongoing tensions between traditional financial regulation and the growing influence of the crypto sector. With the potential for a shift in leadership, the crypto industry is closely monitoring the situation, hoping for a more balanced approach to regulation that encourages innovation while ensuring investor protection.
The current price of XRP (Ripple) is at 1.4592 USDT, down by approximately 0.71% on the day. The price has fluctuated between a range of 1.4363 and 1.4923 USDT. XRP has demonstrated strong bullish performance over the past month, with a notable 180.75% increase.
Over the last week, XRP saw a 32.09% increase, continuing its positive momentum despite the slight pullback on the daily chart.
The market has shown positive long-term growth for XRP, with increases observed across different time frames, such as a 136.96% year-to-date rise. The technical indicators are currently neutral, with moving averages and oscillators showing mixed signals.
Traders should be mindful of the potential for consolidation around current support levels before any major breakout. The resistance levels around 1.520 – 1.620 USDT are key targets in the upcoming sessions, but caution should be taken in case the price experiences a pullback to lower support zones.
