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Crypto Market News: A rumor circulated within the crypto market on Sunday about the possible resignation of the US Securities and Exchange Commission (SEC) Chair Gary Gensler. Reports cited an anonymous official that the SEC Chair was about to resign from his role following an internal investigation in the agency. However, it appears that it was only a rumor and the probability of Gensler’s resigning is almost zero, according to a confirmation from Bitboy Crypto. Interestingly, the crypto community is demanding that there is a regulatory overhaul and not really a headhunt, considering a new SEC Chair could turn out to be worse than Gensler in terms of anti-crypto enforcement actions.
Also Read: XRP Price Analysis: Will $XRP Price Hit $0.55 Milestone in Coming Week?
In the first week of June 2023, the crypto ecosystem suffered one of the largest enforcement actions with back to back lawsuits against crypto exchanges Coinbase and Binance. The top two exchanges were charged with violation of securities laws.
Gary Gensler Resignation?
Based on the initial reaction to the rumor of Gensler’s leaving SEC, it would have been a major crypto rally if the news were true. Crypto influencer Ben Armstrong confirmed that the resignation news just a rumor. He said the SEC Chair may not resign at all if he wishes to leave in near furture, indicating pssibility of Gensler’s new role and capacity outside of the SEC.
“Gensler resigning is almost definitely false. If he ends up leaving soon, it more than likely won’t be a resignation.”
It may be recalled that Gensler may be inclined to run for the Senate seat in Maryland, in the context of retirement of Senator Ben Cardin in 2024. Hence, it was speculated that Gensler’s roots in Baltimore, Maryland could make him ideal candidate for Senate. John Deaton, the attorney representing XRP holders in the Ripple Vs SEC lawsuit, believes the SEC Chair’s resignation is a big possibility in the coming months, due to political action ahead of the US Presidential Election 2024.
Not yet. But we are entering the election year season and the more of a political liability @GaryGensler becomes the greater chance it does happen. https://t.co/eeCGGJbGJj
— John E Deaton (@JohnEDeaton1) July 3, 2023
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