Crypto influencer Ben Armstrong, also known as *BitBoy*, believes the price of XRP could jump if President-elect Donald Trump follows through on his campaign promise to fire SEC Chair Gary Gensler. Yesterday, Trump won the 2024 election, and during his campaign, he stated he would replace Gensler on his first day in office.
After Trump’s win, the crypto market saw a big boost. Bitcoin reached a new record of $76,400, and XRP hit $0.5739, its highest point in a month. Armstrong suggests that with Gensler gone, XRP “might be the coin in the crypto top 100 that pumps the hardest off of Trump’s presidency.”
The crypto space has long been frustrated with Gensler, especially due to his handling of XRP’s legal troubles. In 2020, the SEC filed a lawsuit against Ripple Labs, the company behind XRP, accusing it of selling unregistered securities.
Although the case was resolved, XRP holders feel that the lawsuit held back the token during a previous market rally. Armstrong thinks firing Gensler would free XRP from these regulatory pressures, allowing it to follow other tokens that have soared recently.
However, not everyone shares Armstrong’s optimism, though. Crypto expert Erik Huisman quickly dismissed the idea, saying, “Not happening. Sorry to burst that bubble Ben. But if you are just trying to dump your XRP bag on your followers, then just say so instead of giving them false hope. ”
But the support for change at the SEC goes beyond just the XRP community. Bradley Tusk, CEO of USK Ventures and a major investor in crypto companies, has also criticized Gensler’s approach.
In a recent appearance, Tusk called Gensler “the single worst regulator in crypto” and argued that his tough stance has created confusion about what’s legal in the crypto space. He and others feel that clear, predictable rules are needed to help crypto companies grow and thrive in the U.S.
If Trump does remove Gensler, he might replace him with a more crypto-friendly leader like former SEC commissioner Dan Gallagher or current commissioner Hester Peirce, who have both questioned Gensler’s policies.
On the other side, Democratic candidate Kamala Harris was also open to change at the SEC, though she’s less openly pro-crypto than Trump. According to a recent report from Fortune, she would have considered appointing Chris Brummer, a Georgetown professor who supports crypto, or Erica Williams, a current regulatory chair, assuming she won the election.
However, whether Gensler stays or goes, the future of crypto regulation is clearly in for some big changes regardless.
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