News View Non-AMP

Why Did Gary Gensler Do a U-Turn on Cryptocurrency?

Published by
Qadir AK

In a surprising twist, Gary Gensler, the current head of the U.S. Securities and Exchange Commission (SEC), known for his strict stance on blockchain and cryptocurrencies, was once a fan of Ripple’s XRP. Picture this: in 2018, at a discussion about how blockchain impacts finance, Gensler praised XRP for making cross-border payments smoother.

Gensler’s 2018 Vision

That same year, gary gensler had a chat with Jo Marie Griesgraber from the nonprofit “New Rules for Global Finance.” They talked about how blockchain could change international money transfers. Griesgraber pointed out the high costs and problems with sending money between less developed countries.

Breaking it down, Gensler, always separating bitcoin org   from the broader use of blockchain, stressed the need for a “bridge currency” in cross-border deals. He thought stablecoins, tied to regular currencies or cool digital assets like XRP, could be the key to easy global money transfers.

Well…What Happened Now?

Now, Gensler’s time as the SEC boss looks pretty different from his past support for XRP. This is interesting, especially considering the SEC is in a legal battle with many crypto firms. Gensler’s old views show how tricky it is to regulate blockchain in the world of traditional finance.

Slamming Gensler’s SEC Leadership

In the middle of all this, U.S. Representative Warren Davidson is against Gensler leading the SEC. He’s using the recent SEC actions against Kraken as a reason to get rid of Gensler. Davidson’s SEC Stabilization Act not only wants to change how the SEC works but also wants to rethink Gensler’s role.

So, to sum it up, Gensler once thought XRP could make global money transfers cheaper and easier. Now, as the SEC boss, things have changed. This shift from being a fan to being a rule enforcer shows how complex the world of crypto and blockchain can be.

What are your thoughts on Gary Gensler’s changing stance on XRP?

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Ethereum Price Forecast 2025: Will ETH Hit $2,800 or Fall Back to $2,400?

Ethereum Whale Buys Signal Confidence Despite Volatility  Ethereum is trading around $2,547 today (check updated…

June 20, 2025

Bitcoin Price Crash Ahead? CryptoQuant Flags Historic Demand Collapse

Bitcoin continues to hover around $104,500, despite growing geopolitical tensions. Some analysts see this calm…

June 20, 2025

Ripple Pushes UK to Fast-Track Crypto Rules with Bold 4-Point Plan

Ripple is urging UK policymakers to accelerate crypto regulation, laying out a four-point strategy designed…

June 20, 2025

XRP vs SEC: Legal Expert Says Ripple Is Delaying The Lawsuit

The Ripple vs. SEC case has been keeping the crypto community on edge lately. Frustrated…

June 20, 2025

XRP Price Won’t Dip Below $2, Here’s Why

Crypto prices are down today due to the rising tensions in the Middle East. XRP…

June 20, 2025

Story (IP) Price Plunges While Trading Volume Spikes Over 200%; What’s Going On?

In the fast-paced world of crypto, few things stir the pot like a sudden surge…

June 20, 2025