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Crypto executives, including Ripple CEO Brad Garlinghouse and MicroStrategy Chairman Michael Saylor, react to Gary Gensler’s potential exit from the U.S. SEC.
In a startling development, SEC Chairman Gary Gensler released a statement yesterday hinting at his potential departure from the commission. However, he failed to definitively confirm this.
Gensler Hints at Leaving the SEC
In his remarks, Gensler emphasized the need to update the ‘rules of the road’ across treasury and equity markets, as well as disclosure and corporate governance.
Gensler also commented on his efforts in the crypto sector, noting that he inherited 80 enforcement actions, including the Ripple lawsuit, from the previous administration led by Jay Clayton. He maintained that most cryptocurrencies have no use case other than speculative trading and potential use for illicit activities.
The aspect of his remark that caught the attention of the broader crypto community was the hint that he could be leaving the SEC.
He expressed this view at the end of his speech, conveying a sense of accomplishment in elevating the U.S. capital market with other ‘remarkable SEC staff.’
The statement, which seemed like a farewell message, has triggered speculation that Gensler could be planning to leave the SEC before Trump’s inauguration, slated for January 20. Recall that Trump promised to fire Gensler on the first day of his administration.
Ripple CEO and MicroStrategy Chairman React
As expected, Gensler’s potential exit elicited positive reactions within the crypto community. Ripple CEO Garlinghouse and MicroStrategy Executive Chairman Michael Saylor commented on how Gensler’s exit might impact the crypto industry.
In an X post yesterday, the Ripple CEO indicated that Gensler may soon leave the commission, emphasizing that the SEC boss is in his “last days in office.” Celebrating Gensler’s potential exit, Garlinghouse wore a T-Shirt with the caption ‘F**k The SEC’ to Cantor’s Annual Crypto Conference.
Furthermore, Garlinghouse suggested that the United States is close to becoming the crypto capital of the world under Trump’s administration.
This suggests that Garlinghouse expects Trump to appoint a pro-crypto SEC chairperson, unlike Gensler, whom he criticized for waging a war against the industry.
Meanwhile, Saylor characterized Gensler’s departure from the SEC as incredibly bullish for the broader digital asset industry during his latest interview on CNBC.
He said Gensler’s exit would pave the way for a digital asset framework and pro-Bitcoin policies. He also suggested that the exit would end the SEC’s war against crypto.
XRP Explodes Amid Gensler Exit Rumors
Under Gensler’s leadership, the SEC has been aggressive toward crypto, introducing several enforcement actions and labeling most tokens as securities.
Given Gensler’s hostile approach against the industry, investors and other stakeholders consider his potential exit from the SEC as a major win for crypto.
Specifically, XRP enthusiasts speculate that his exit could lead to a settlement of the SEC v. Ripple lawsuit. Recall that the SEC appealed the Ripple ruling last month. The appeal could extend the lawsuit’s resolution to 2026.
However, with Gensler signaling plans to leave the SEC and the upcoming inauguration of a pro-crypto cabinet led by Trump, the commission might settle the longstanding lawsuit before the expected 2026 resolution date.
This speculation led to a dramatic surge in the price of XRP, with the asset hitting a 16-month high of $0.8452 yesterday. At press time, XRP trades at $0.7978, up 15.55% in the past day, 44.75% in the past week, and 47.89% over the last 30 days.