Gary Gensler’s SEC Reign May End in Less Than a Day; Is XRP Vs SEC Also Ending Soon?

At the world’s largest Bitcoin conference, former President Donald Trump previously made a strong pledge to turn the U.S. into the “crypto capital of the planet” and a “Bitcoin superpower.” Speaking to a crowd of industry leaders and crypto advocates, Trump said that America must lead the way in cryptocurrency innovation.

In a bold statement, former Trump outlined his plan to position the United States as the world’s leading hub for cryptocurrency, with a special focus on Bitcoin.

“If cryptocurrency is going to define the future, I want it to be mined, minted, and made in the USA,” Trump declared, stressing his commitment to making America the top destination for digital asset innovation. He added that the U.S. would not allow other nations to take the lead in the crypto space, saying, “Bitcoin is going to the moon, and I want America to be the nation that leads the way.”

Trump further pledged his support to the Bitcoin community, promising that on his first day in office, he would end the Biden administration’s “anti-crypto crusade.” He specifically mentioned that he would terminate SEC Chairman Gary Gensler’s tenure, a key figure who has been criticized for his regulatory stance on digital currencies, and replace him with a new SEC chair who is more favorable to the crypto industry.

“If I’m elected, the war on crypto will be over,” Trump said, signaling his intent to reshape U.S. cryptocurrency policy and boost the country’s dominance in the digital asset market. Trump’s speech resonated with crypto enthusiasts, many of whom have been frustrated with the Biden administration’s regulatory approach to digital currencies.

His approach could be a game changer for crypto firms like Ripple, who have faced years of regulatory uncertainty under the current administration. Trump’s promises to create a more crypto-friendly regulatory environment could benefit companies like Ripple, especially with ongoing battles like the SEC lawsuit over whether XRP is a security.

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Legal Clarity and Its Implications for the Crypto Industry

The Second Circuit Court of Appeals has ordered that the SEC must file its brief by January 15th, 2025, in its ongoing case with Ripple. What happened with the XRP case is huge because it establishes a legal precedent. The court ruled that XRP is not a security on the secondary market, which sets a strong legal foundation for future cases and gives clarity to the whole crypto industry. This matters because case law helps define what is and isn’t allowed, and it can influence how new laws are shaped.

For example, the push for XRP ETFs and the growing institutional interest in XRP show that this is not just a “Ripple issue,” but an industry-wide matter. Legal clarity around XRP could lead to more regulatory certainty for other tokens. This is why it’s so important that the SEC is being held accountable.