There is growing speculation that Gensler could resign in early 2025, regardless of who wins the upcoming US Presidential elections. This comes after President Joe Biden ended his re-election campaign on Sunday, endorsing Vice President in his wake.
JUST IN: SEC Chair Gary Gensler tipped to resign in 2025 after Biden exit. pic.twitter.com/JKch0lrQXq
— Radar🚨 (@RadarHits) July 22, 2024
This is a decidedly bullish scenario for the cryptocurrency market. Gensler’s anti-crypto stance has been widely criticized by not only industry insiders and investors but also by US lawmakers and federal judges.
Experts believe that crypto coins such as XRP and Solana could skyrocket in the coming days as the market prices in Gensler’s exit.
Gary Gensler To Resign - Even In A Harris Presidency?
Gary Gensler’s anti-crypto stance is said to have had an extremely negative impact on the industry.
Under his stewardship, the SEC prosecuted Ripple for violating the Securities Act, a lawsuit that the Commission lost in 2023. The SEC also filed lawsuits against Coinbase, Binance and several other exchanges for “illegal sale of unregistered securities”.
The alleged securities were most large-cap altcoins, including Solana, Cardano and MATIC. In fact, Gensler maintained that all cryptocurrencies - excluding Bitcoin - are securities. This included Ethereum, though Gensler mostly remained ambiguous regarding ETH in his Congressional hearing.
Gary Gensler’s anti-crypto stance has also negatively impacted President Biden and the Democrats politically, now that the number of crypto holders in the US has ballooned to over 50 million. It is no surprise that Republican candidate Donald Trump is receiving significant support from crypto investors and industry insiders, owing to his recent pro-crypto views.
If the Democratic party loses the White House, Gary Gensler’s exit is surefire. However, experts suggest that Gensler could be gone even in the aftermath of a Kamala Harris victory. There is a strong likelihood that the VP could look to distance herself from Biden and Gensler’s anti-crypto stance as she seeks a win in November.
Finance lawyer Scott Johnsson also highlights that SEC chairmen typically exit even after a new President from the same party - usually within a year. Gensler may not even last that long.
Which Crypto Coins Could Benefit From Gensler Exit?
Chances of Gensler gone one year from now are up dramatically. https://t.co/GOQSZTrS03
— Scott Johnsson (@SGJohnsson) July 21, 2024
ChancesWhich Crypto Coins Could Benefit From Gensler Exit?
Unsurprisingly, XRP is expected to be one of the crypto coins to benefit the most from a Gensler exit.
SDNY District Judge Analisa Torres has already decided in Ripple’s favour, ruling that the company’s programmatic sale of XRP did not violate the Securities Act. The SEC is within its right to appeal this ruling. However, the likelihood of an appeal significantly decreases under a new SEC administration.
Unsurprisingly, the XRP price is up nearly 40% since the odds of a Trump victory have increased.
Solana could also receive a major boost as a Gensler exit increases the odds of spot Solana ETF approval.
A new SEC administration has the potential to kickstart a crypto bull market. In such a scenario, new crypto coins could see significant demand and deliver outsized returns.
For instance, a new meme coin WienerAI has already raised over $7 million in early presale investments, owing to its combination of memes and cutting-edge AI utility.
The project is aiming to create the ChatGPT of crypto - an AI-enabled Trading Bot that can answer all crypto investment-related queries. Token holders can also receive MEV protection and seamless swaps, at no additional cost.
Smart money traders have been quick to recognize its upside potential, with some even suggesting 10x gains after its launch in August.
Another new meme coin - Pepe Unchained - has also impressed investors with its strong presale performance, having already raised nearly $5 million in seed funding.
Frog-themed meme coins are expected to explode in the coming weeks, led by Pepe’s bullish strength. However, experts believe Pepe Unchained could separate itself from the crowd, thanks to its native Layer-2 blockchain.
This means PEPU token holders can benefit from low trading costs and high staking rewards, providing the ideal backdrop for high retail involvement.
Some crypto influencers are aiming for up to 100x returns after Pepe Unchained’s launch.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
