KEY POINTS
- TRON founder Justin Sun said Gensler's exit is 'a little too late' considering the damage he brought on the industry
- Cypherpunk Sal Mayweather called Gensler the 'worst bureaucrat' the country has ever seen
- The XRP Army is going wild on X, posting memes and statements of relief now that Gensler is leaving
Celebrations are underway across the cryptocurrency community after U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler announced he will step down on Jan. 20, 2025.
Gensler's exit announcement triggered a surge across the crypto market, with Bitcoin passing $99,000 for the first time and XRP leading the 24-hour gains.
As per CoinGecko data, BTC spiked as high as $99,300 early on Friday, increasing 2.3% in the last day amid a seven-day spike above 12%, while XRP has been on a stellar 24.9% surge in the past day amid a weekly increase of over 70%.
All other cryptocurrencies within the Top 10 are in the green since Gensler's announcement, but XRP is the biggest gainer, outperforming Bitcoin and other top altcoins.
Crypto Leaders Bid Farewell to Crypto's Nemesis
Gensler, widely criticized and disliked by the crypto community for his leadership that led to multiple lawsuits and Wells Notices from the SEC against crypto firms since 2021, announced his pre-term resignation Thursday.
"The [SEC] staff comprises true public servants. It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world," he wrote in a press release.
Gensler will officially leave the agency on during President-elect Donald Trump's inauguration.
Crypto executives and prominent figures in the industry have since commented on the development, with TRON blockchain founder Justin Sun saying "Gary, it's a little too late. The damage is done, and it's massive, scarring U.S. markets, the global economy, and everyday people." He offered to give a job to the outgoing SEC chief.
Jack The Rippler, prominent figure in the XRP community, said it was Gensler's "step down" that turned out to be his "biggest achievement as the SEC Chair."
Congratulations, Gary Gensler! The "step down" is your biggest achievement as the SEC Chair. pic.twitter.com/Ccs0Ayne8y
— JackTheRippler ©️ (@RippleXrpie) November 21, 2024
ShapeShift founder Erik Voorhees opted for a more sarcastic tone, saying, "But who will protect the investors," referring to Gensler's repeated insistence that the regulatory agency's actions against crypto were all done to protect American investors.
Red Pill, a well-followed figure in the Chainlink (LINK) community, thanked Gensler "for protecting no one" from the actual scams that took place in the industry, calling the Biden appointed leader "a complete failure" who "set America back years in crypto."
Well-known cypherpunk Sal Mayweather said Gensler was "the worst bureaucrat we had," while prominent XRP user Weezie said the SEC chair has gone from being "the best thing that could've happened to this space" because of his blockchain knowledge to becoming "the worse not only for the space but for our country."
When you came in people were excited, encouraged and ready for the potential of what was to come. You were the best thing that could’ve happened to this space since you were a professor of blockchain at #MIT… instead you became the worse not only for the space but for our… pic.twitter.com/jP0i89M0G5
— wEeZiE {X}🕵🏻♂️ (@NerdNationUnbox) November 21, 2024
$XRP Community in High Spirits
While the broader crypto community is celebrating wildly through memes and posts regarding Gensler's upcoming exit, no other community is celebrating as intensely as the XRP Army.
The people of United States of America thank you for suppressing crypto now after you’re gone hopefully they have a chance still.
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) November 21, 2024
Thank you for harming every single XRP holder.
Many of the XRP holders' posts were filled with angst, but also with relief – Gensler's predecessor filed a lawsuit against Ripple, the largest holder of the XRP token, but Gensler's SEC pushed the case forward, driving the crypto asset's price down.
XRP was the world's second-largest digital currency before its legal scuffle with the SEC turned awry. It has since fallen to the 6th spot as of November 2024, but XRP holders are hopeful a new SEC leader will do better change things up.
Gary Gensler might be out, and XRP is kissing $2. Coincidence or the most poetic mic drop in crypto history? #XRPArmy #GaryWho
— Ecoariza (@ariza_soy) November 22, 2024
I’m grateful for Gary Gensler if it weren’t for him prices of #XRP would have been way higher at this point.
— Matthew Windey (@mgwindey) November 22, 2024
Thank you for letting us #XRP maxis accumulate at dirt cheap prices. #XRPARMY 🚀
Wait what? Yeap XRP exploding and the #XRPArmy has won once again. Gary Gensler is leaving. Us holders are gathering to enjoy the road of XRP to the moon. Join us.https://t.co/mPCDuu5TOR@ARMY_XRP589 pic.twitter.com/PWmbGwxcfe
— asave (@asave998nfts) November 22, 2024
Gensler's exit announcement is now called the "Gensler effect" on posts showing charts of how XRP and crypto prices reacted to the news. Quite interestingly, Trump has yet to announce his pick to replace the outgoing SEC chair.
