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Former President Donald Trump took the stage at the 2024 Bitcoin Conference in Nashville. In addition to expressing his full support for the Bitcoin community and pledging to establish an advisory council, Trump made bold claims about firing SEC Chair Gary Gensler on his first day in office if reelected.
Trump said, “I will fire Gary Gensler and appoint a new SEC Chair on day one. The moment I’m sworn in, the persecution stops and the weaponization ends against your industry. I will appoint new SEC chair who believes America should build the future not block.”
The XRP community is buzzing with excitement after Trump’s statement. While the Bitcoin price is heading towards the $70k mark, XRP is yet to react to the news. XRP is currently down by more than one percent and is trading at $0.60 levels.
Ripple Vs Gary Gensler
The SEC classified Bitcoin and Ethereum as cryptocurrencies but not XRP. In December 2020, the SEC sued Ripple and its executives for offering unregistered securities worth $1.3 billion. The SEC claimed Ripple raised capital by exchanging XRP for non-cash considerations without providing required investor information.
This lawsuit sparked debate over whether XRP should be regulated as a security. Ripple CEO Brad Garlinghouse argued that XRP is a currency and the lawsuit targeted cryptocurrencies broadly. Despite Ripple’s defenses, the lawsuit severely impacted XRP and Ripple.
Asset managers like Grayscale Digital liquidated XRP holdings, and wallets with over 1 million XRPs reached their lowest levels since 2019. XRP’s value dropped 75%, and some experts predicted it could become worthless.
The ongoing lawsuit has hindered XRP’s growth, but its strong market position and Ripple’s global expansions suggest potential for significant appreciation once the legal issues are resolved.
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