The controversial XRP cryptocurrency has added more than 10% over the past 24 hours, hitting a new 2024 high of $0.7734 earlier this Thursday.
At press time, XRP is the top gainer in the top 10, significantly outperforming other major cryptocurrencies.
The token experienced a double-digit rally amid rumors that SEC Chair Gary Genser might resign tomorrow.
In his latest remarks that were prepared for a recent legal conference, Gensler stated that there had been "significant investor harm" in the cryptocurrency field. He has also argued that "the vast majority" of cryptocurrency tokens do not have proper use cases.
Once again, he stressed the importance of providing the public with proper disclosure.
The SEC boss has also stated that various courts have agreed with the agency's actions to "protect investors," citing such cases as SEC v. Binance, SEC v. Coinbase, and SEC v. Ripple Labs.
At the same time, Gensler also recalled that Bitcoin and Ethereum ETFs were approved under his watch.
Is this the end?
The language of Genser's final pitch suggests that his resignation is extremely close.
"I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance," he said while concluding his remarks.
John E Deaton, a legal expert and crypto activist, believes that Gensler might call it quits as soon as this Friday.
Even though Gensler's term is set to end in June 2025, he is expected to step down in the near future.
Tomiwabold Olajide
Dan Burgin
U.Today Editorial Team
Vladislav Sopov