Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), is not resigning. The SEC's PR team has issued a confirmation, quelling rumors of his alleged resignation within the XRP community.
These rumors, amplified by prominent XRP accounts like Documenting Ripple, suggested that Gensler would be stepping down from his position due to an internal investigation. Such a move would be unprecedented, as no SEC chair has ever resigned before.
Gensler, a veteran in public policy and academia and former chairman of the Commodity Futures Trading Commission, has honed in on the burgeoning crypto market during his time at the SEC, most notably through the ongoing lawsuit with Ripple Labs as well as recent legal actions against Coinbase and Binance.
Gensler's resignation would be highly unorthodox, which is why the rumors were taken with a massive grain of salt within the XRP community.When Gary Gensler assumed the role of SEC Chairman in April 2021, there was a palpable sense of optimism within the XRP community. With his deep understanding of blockchain technology and cryptocurrency markets — gleaned from his tenure as a professor at MIT where he taught courses on these very subjects — Gensler was perceived as a pro-crypto advocate. His appointment was seen as a potential turning point, a chance for cryptocurrency regulations to align more closely with the rapidly evolving landscape.
This initial enthusiasm, however, was tempered over time as Gensler turned out to be even more vigilant about cryptocurrency regulation than his predecessor, Jay Clayton, who had brought the lawsuit against Ripple Labs. Gensler's agenda, it soon became clear, prioritized a robust regulatory framework for cryptocurrencies, as evidenced by the SEC's continued pursuit of the lawsuit against Ripple.