The U.S. Securities and Exchange Commission (SEC) has recently announced the upcoming exodus of the current chairman. As per SEC press release, Gary Gensler is going to step down from his position on the 20th of January next year after completing his term. The securities regulatory agency disclosed this development in an exclusive press release.
As a result of this news, Bitcoin has recorded a new all-time high of $98,987 on MEXC. Remember that Gensler is regarded as an anti-crypto person and newly-elected US president, Donald Trump, has already announced that he will fire Gensler. Considering this, he has himself announced to step down before the oath taking of new president on 22nd of January.
The Ripple Effect Suggests $XRP’s Move Toward the Target of $2
The news of Gensler’s departure reportedly has a positive impact on Ripple ($XRP). XRP is up more than 10% following this news. This development could be the most favorable thing for Ripple. In line with the current market statistics, $XRP is targeting the $2 mark.
Gensler to Leave the SEC after Completing His Term
The regulator mentioned that Gensler is exiting the agency following a tenure that began back in 2021. During his period, he has overseen a substantial transformation within the agency with several changes. Gensler reportedly implemented reforms to improve the transparency, resilience, and efficiency of the capital markets.
The tenure of Gensler witnessed strong rulemaking as well as the execution of significant enforcement actions. With these factors, he intended to modernize the overall financial ecosystem. The chief initiative took into account the enhancements dealing with equity and treasury markets. Additionally, crypto regulation and corporate disclosure and governance are the other sectors that recorded noteworthy reforms in Gensler’s period.
Trending Now: Retail Investors Surge as Bitcoin Hits 3-Year High Transaction Volume
Particularly, the SEC adopted rules to reorganize the $28T treasury market. Along with this, it made the earliest prominent updates to the equity markets of $55T in almost 2 decades. The reforms required improved disclosure of climate and cyber risks apart from rapid reporting of stake acquisitions exceeding 5% in the corporate sector.
Crypto Faced Strict Actions from SEC Under Gensler
Moreover, Gensler took a stringent approach when dealing with the crypto sector. He confronted intermediaries to prevent unlicensed securities offerings, fraud, and other such misconduct. In this respect, he enforced strict actions. Throughout his term, the SEC filed several enforcement actions. Up to 2,700 enforcement actions generated $21B for the SEC in terms of disgorgements and penalties. Additionally, the agency returned approximately $2.7B to victim investors.