XRP News Today: Gary Gensler Resigns, SEC Appeal in Limbo as BTC Hits $98k

SEC Chair Gary Gensler Announces Resignation

The crypto market received pivotal news on Thursday, November 21. SEC Chair Gary Gensler announced on X (formerly Twitter) that he will step down as SEC Chair on January 20, 2025.

According to the official announcement,

“Under Chair Gensler, the commission continued the work Chair Jay Clayton began to protect investors in the crypto markets. During Chair Gensler’s tenure, the agency brought actions against crypto intermediaries for fraud, wash trading, registration violations, and other misconduct.”

The SEC also took the opportunity to claim that the US courts agreed with the SEC’s actions to protect investors, stating,

“Court after court agreed with the Commission’s actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are being offered—whatever their form.”

Will the SEC File Its Appeal-Related Opening Brief?

Notably, Chair Gensler will step down after the SEC must file its appeal-related opening brief on January 15, 2025. The SEC is challenging rulings in the Ripple case.

However, Chair Gensler remained silent about the Ripple case and other legal battles involving crypto firms. These include cases against Coinbase (COIN) and Binance.

If the SEC files its opening brief, the appeal against rulings in the Ripple case may hinge on the new Chair.

On November 21, Fox Business journalist Eleanor Terrett shared news of former SEC Commissioner Paul Atkins being the frontrunner for the agency’s top spot.

Former SEC Office of Internet Enforcement Chief John Reed Stark recently shared his views on Paul Atkins, stating,

“One of my two most favorite SEC Commissioners I ever served under, Paul Atkins would be an amazing choice. […] Though Paul reveres the SEC and respects the SEC staff, he would likely reverse course on the SEC’s crypto-enforcement efforts, however, he would probably do so cautiously and thoughtfully. […] As I recall, Paul favors free markets and hates over-regulation – which should be a net-positive for the cryptoverse. Paul has also always believed that SEC Enforcement can be too heavy handed at times, lacks consistency and desperately needs significant reforms – so expect reigning in SEC Enforcement to be a top priority for him.”

Other people in the hunt to become SEC Chair include Brad Bondi, Amicus Curiae attorney John E. Deaton’s pick. If chosen, John Reed Stark expects Brad Bondi to,

“Order an immediate stop on all SEC crypto-related investigations, to order the litigation unit to stay, settle or dismiss all SEC crypto-related cases forthwith.”

If the SEC withdraws its appeal, it could set the Programmatic Sales of XRP ruling as a precedent, boosting XRP demand.

XRP Price Action

On Thursday, November 21, XRP surged 12.98%, following a 0.25% gain on Wednesday, closing at $1.2481. XRP outperformed the broader crypto market, which gained 5.01%, taking the crypto market cap to $3.21 trillion.

Updates on Trump’s pick for SEC Chair and the agency’s appeal strategy will influence XRP price trends. A pro-crypto SEC Chair likely to withdraw the appeal against rulings in the Ripple case could push XRP toward $1.5. However, SEC plans to pursue its appeal may pull XRP below $1.

BTC Gains on ETF Inflows Amid Political Buzz

Shifting focus to BTC, demand continued to surge on Wednesday, with the US BTC-spot ETF market reporting net inflows of $773.4 million. On Thursday, the US BTC-spot ETF market could extend its net inflow streak to four sessions. According to Farside Investors:

• Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $301.0 million. (Previous day: +$133.9 million).
• ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) reported net inflows of $17.2 million and $68.0 million, respectively.

Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), net inflows totaled $396.7 million, tilting the supply-demand balance further in BTC’s favor.

Investors likely reacted to news of President-elect Donald Trump potentially appointing a crypto Czar. Fox Business journalist Eleanor Terrett reported the news, saying,

“Crypto Dad Chris Giancarlo has emerged as a leading contender to become the first-ever ‘crypto czar,’ a possible new administration position the Trump transition team is weighing.”

The appointment of a crypto czar could affirm Trump’s pro-crypto stance. Significantly, the appointment would align with his pledge to make BTC a US strategic reserve asset.

Rising demand through BTC-spot ETFs and the US government as a BTC buyer and HODLER could materially deplete supply, signaling a bullish outlook.

Bitcoin (BTC) Price Action

On Thursday, BTC rallied 3.8%, following a 1.89% gain on Wednesday, closing at $97,785. Significantly, BTC reached an all-time high of $98,210 before easing back.

On Friday, November 22, US Services PMI data and sentiment toward the Fed rate path may affect BTC demand. Better-than-expected services sector data may reduce bets on a December Fed rate cut, potentially tempering BTC demand. Nevertheless, the supply-demand outlook may limit downside risks.

Stay tuned for the latest on how market shifts and regulatory developments impact crypto assets.