According to the post, the apology was revealed during remarks delivered at the XRP Australia Sydney 2026 conference, identified in the tweet as #XRPSydney2026.

BankXRP wrote that Gensler “reportedly apologized to Ripple,” adding that he told Garlinghouse, “Sorry… I was wrong.” The tweet references a video clip from the Sydney event in which Garlinghouse describes an unexpected interaction at the White House. In the footage, Garlinghouse recounts that Gensler approached him directly and offered an apology.

Garlinghouse states in the clip, “Anyway, he comes up to me, and he says, sorry. He comes up to me, and he’s like, oh gosh, wait, no, I’m sorry. I was wrong. And you guys have done an incredible job, and it’s kind of weird that it happened at the White House.”

He continues by expressing optimism about the company’s direction, adding that if the team remains focused on utility and continues its current efforts, he is “incredibly optimistic about the road ahead.”

The exchange, as described by Garlinghouse, took place in a high-profile setting and was presented as a moment of acknowledgment following years of regulatory tension between Ripple and the SEC under Gensler’s leadership.

Gary Gensler reportedly apologized to Ripple

Gary Gensler. .. "Sorry… I was wrong."

At #XRPSydney2026, Ripple CEO Brad Garlinghouse revealed a shocker: Gary Gensler personally approached him at the White House and said, "Sorry… I was wrong."
Garlinghouse says the long… https://t.co/Kq3UJeGHc8 pic.twitter.com/fEZ91mQ4lW

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) February 27, 2026

Focus on Utility and Long-Term Strategy

In his remarks, Garlinghouse emphasized that the company’s persistence has been validated. He stated, “If we stay the course and focus on utility, the road ahead is incredibly bright.” The comment reflects a consistent theme in Ripple’s messaging over recent years: long-term value creation depends on real-world use cases rather than speculation.

A speaker responding to Garlinghouse at the event added, “What I love about this story is that we took the longer path, but that was the correct answer.” This statement underscored the view that the extended legal and regulatory process, while challenging, ultimately reinforced Ripple’s strategic direction.

BankXRP’s tweet presents the alleged apology as a significant development, particularly given the history of enforcement action and public disagreement between the SEC and Ripple during Gensler’s tenure.

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Community Reactions Reflect Mixed Sentiment

Reactions shared beneath the tweet reveal differing perspectives within the XRP community. A user identified as Mikescrypto suggested that the prolonged legal battle had unintended benefits. He wrote that the additional time allowed supporters to accumulate more XRP, arguing that those who maintained conviction and conducted their own research were rewarded for their patience.

In contrast, another commenter, Crypto News Gems, dismissed the significance of any apology. The user stated that apologies were no longer sufficient and called for accountability and compensation for those who experienced financial losses during the legal dispute.

BankXRP’s post centers on Garlinghouse’s account and the assertion that Gensler acknowledged the error. While the implications remain subject to interpretation, the reported exchange has added a new dimension to ongoing discussions about regulation, accountability, and the future direction of Ripple and the XRP ecosystem.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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The clip provides insight into Gensler’s understanding of how XRP functions within blockchain networks and international banking systems. It raises questions about the basis for the federal case against Ripple that suppressed XRP for years.

Cross-Border Transaction Challenges

In the video, Gensler explained the costs and complexities of moving money between two fiat systems. He noted that SWIFT is “just a messaging system,” and banks must pre-fund Nostra accounts for transactions. This setup adds complexity and cost before any ledger adjustments occur.

He highlighted the need for an alternative. A party to bear counterparty risk to ensure transactions settle simultaneously between ledgers. Gensler explicitly mentions that blockchain could serve this function and highlights the use of bridge currencies.

Yes, Gary Gensler knew of XRP’s potential before pursuing a bad-faith federal case against Ripple.

This is a rare clip of Gary eloquently explaining the utility of XRP.

Listen closely and judge for yourself. https://t.co/6qf1UNpwum pic.twitter.com/YH0Y3BXCkd

— SMQKE (@SMQKEDQG) January 31, 2026

Gensler Recognized XRP’s Function

He refers to Ripple as offering “an alternative” for these transactions, noting it was recently piloted but not yet deployed at enterprise scale. This acknowledgment suggests that Gensler recognized XRP’s role in improving transaction efficiency and reducing costs in cross-border settlements.

His comments illustrate an understanding that XRP could act as a bridge currency between different fiat systems. This design bypasses traditional reliance on pre-funded accounts and correspondent banking networks.

SEC Lawsuit Despite Awareness

SMQKE emphasized that this clip indicates Gensler knew the technology and potential of XRP before pursuing his bad-faith lawsuit. Despite this knowledge, the SEC proceeded with its federal case against Ripple. The legal action restricted Ripple’s operations and limited XRP adoption for years, suppressing its market growth and institutional integration.

The case against Ripple has faced scrutiny due to these factors. Observers note that Gensler’s prior knowledge of XRP’s function contrasts with the SEC’s claims during the lawsuit. The video serves as a record of his awareness of the asset’s utility in the financial system.

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XRP’s Real-World Applicability

Ripple has continued to develop its network and promote XRP’s adoption despite regulatory constraints. Financial institutions increasingly explore blockchain-based solutions for faster cross-border settlements, reflecting the functionality Gensler described.

The SEC’s actions delayed broader integration but did not negate XRP’s technical capacity or practical use. The lawsuit ended in August 2025, and Ripple’s network has expanded significantly since then.

This video provides an important reference point for XRP’s supporters. Gensler understood the operational benefits of bridge currencies and blockchain technology, including Ripple’s approach, before initiating legal action, adding credence to the belief that the lawsuit was planned.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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That renewed focus follows a post by Patrick L Riley, who revisited early blockchain correspondence, funding records, and academic connections to argue that Ripple’s legal troubles cannot be viewed in isolation. His analysis urges readers to examine the formative years of crypto, when investor influence and institutional relationships quietly shaped the ecosystem.

A 2014 Email Reveals Investor Conflict

A leaked 2014 email from files linked to Jeffrey Epstein anchors the discussion. In the message, investor Austin Hill contacted Epstein and Joichi Ito to raise concerns about their involvement with Stellar, which Hill described as a direct competitor to Ripple. He warned that backing “two horses in the same race” damaged the ecosystem his company aimed to build.

The email confirms that early blockchain development involved active investor maneuvering. Capital providers openly sought to limit competition and protect favored networks. While the message does not reference regulators or XRP enforcement, it documents how financial influence shaped outcomes years before legal scrutiny emerged.

I told you all 31 Dec 2022 that Gary Gensler was directed through Epstein and Mossad to go after Ripple and XRP. Meanwhile the Bitcoin foundation was backed by Epstein.

Now you know it is true. pic.twitter.com/ouOjMYeNQx

— Patrick L Riley (@Acquired_Savant) January 31, 2026

Epstein’s Documented Bitcoin Involvement

Public disclosures released years later confirm that Epstein provided funding to Bitcoin Core developers through the Bitcoin Foundation between 2011 and 2014. The support happened when the foundation was internally unstable, and it’s based on facts, not rumors.

These disclosures established Epstein’s participation in Bitcoin’s early infrastructure. They do not create intent to suppress Ripple or direct regulatory actions. The evidence shows funding relationships, not enforcement strategy.

Gary Gensler and MIT Connections

Riley’s argument also highlights professional overlap between SEC Chair Gary Gensler and Joichi Ito. Ito recruited Gensler to teach blockchain-focused courses at MIT Media Lab, where Ito served as director before resigning amid revelations about Epstein-linked donations.

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This shared academic history provides context but not proof. No primary documents, sworn testimony, or peer-reviewed findings demonstrate that Epstein—or any intelligence agency—directed Gensler’s conduct at the SEC.

What the Evidence Supports—and Where It Stops

The verified record supports several facts. Epstein funded Bitcoin-related initiatives. Early investors openly intervened in competitive blockchain dynamics. Gensler and Ito shared professional ties at MIT. The SEC sued Ripple in December 2020, claiming they sold securities without registering them.

The record does not confirm a directive ordering Gensler to target Ripple or XRP. Allegations involving coordinated suppression or intelligence involvement remain unproven.

Separating Documentation From Interpretation

Riley’s claims echo broader frustration within crypto over perceived regulatory inconsistency. The newly revealed email and funding records shed light on early power dynamics, but it’s crucial to separate facts from interpretation.

The Ripple case reshaped crypto regulation regardless of motive. Until new primary evidence emerges, the facts invite scrutiny—but they demand caution.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Grewal accused the SEC of destroying key documents, saying the agency’s own Inspector General confirms the misconduct. Coinbase, through History Associates, has asked a federal court to intervene and ensure the agency cannot repeat what it calls a “gross violation of public trust.”

The Gensler SEC destroyed documents they were required to preserve and produce. We now have proof from the SEC’s own Inspector General. Today we ask the federal court to address this gross violation of public trust to ensure that it never happens again. 1/3 pic.twitter.com/DPLtHUiolj

— paulgrewal.eth (@iampaulgrewal) September 11, 2025

Inspector General’s Findings Reveal Key Timeline

Grewal noted that the SEC Office of Inspector General revealed text messages from October 2022 to September 2023 were destroyed despite long-standing information requests covering “all communications” related to crypto regulation.

The report detailed how SEC officials’ text messages had been excluded from Freedom of Information Act (FOIA) responses despite their potential classification as agency records.

According to the filing, almost a year’s worth of then-SEC Chair Gary Gensler’s messages disappeared in September 2023, after FOIA requests but before litigation began. Messages from more than 20 other high-ranking SEC officials may also be gone, with many more at imminent risk of erasure.

Coinbase Pushes for Immediate Legal Remedies

Coinbase has asked the court for expedited discovery, sanctions, and the immediate production of any remaining text messages. Grewal presented this as a necessary step to hold the SEC accountable, pointing to what he described as double standards between the agency’s treatment of private firms and its own conduct.

In court filings, History Associates says the SEC had known of serious record-retention and FOIA problems for two years but did not disclose them during 14 months of litigation.

The filing describes the destruction of records as systemic, with major consequences for public access to information about the SEC’s internal approach to cryptocurrency policy.

XRP Army Reacts

The news has generated strong reactions among XRP supporters, who see the court filing and Inspector General’s findings as validation of long-held concerns. Gensler, long criticized for hypocrisy, now faces mounting scrutiny and growing calls for accountability.

Several commenters urged lawsuits or criminal charges, including calls for jail time for Gary Gensler. Others described the situation as despicable or negligent, echoing frustrations about accountability.

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Some focused on transparency, emphasizing that public officials must be held to the same standards they impose on private firms. One commenter argued that the SEC works for citizens and should face heightened scrutiny.

Allegations of destroyed records and selective disclosure threaten to erode confidence in one of the nation’s most powerful financial regulators. While the current SEC has a more pro-crypto stance, former officials must be held accountable for their actions to rebuild public trust.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Gensler’s comments come amid increasing scrutiny of the SEC’s shifting regulatory strategy, as it backs away from key legal battles against firms including Ripple, Coinbase, and Kraken.

CNBC host Andrew Ross Sorkin asked the former SEC chair about the wave of optimism within the digital asset industry following the dropped cases.

Sorkin remarked, “As you probably watched, so many CEOs were doing almost victory laps in the crypto world as these enforcement cases were dropped by this current administration…what did you think?”

Gensler Warns of Sentiment-Driven Valuations

Gensler refrained from discussing specific cases but pointed out his broader concerns about the cryptocurrency sector, particularly the role of sentiment in driving value. He stated, “Almost 99% [of the crypto field] is based on sentiment.”

His broader criticism focused on the sustainability of the industry. Gensler said, “If this is just about sentiment, then, generally, those don’t end up well, and most then go down.” He also noted that digital assets such as Bitcoin may continue to hold investor interest, observing, “Something like Bitcoin” could endure due to a “real keen interest” from the public.

SEC Retreats from Legal Battles Against Major Firms

The SEC, under its current leadership, has decided to formally withdraw its appeal in the long-running legal case against Ripple Labs.

Additionally, the agency has dismissed or ended enforcement actions involving several other major industry participants, including Coinbase and Kraken. The shift marks a significant departure from the agency’s previous aggressive enforcement stance under Gensler’s tenure.

Skepticism About Long-Term Viability of Tokens

When discussing the broader outlook of the industry, Gensler drew a comparison between cryptocurrencies and commodities. He noted that precious metals have retained value over time, while expressing doubt that digital tokens would follow a similar trajectory.

“There’s only 2 or 3 precious metals. We humans have a certain fascination with 2 or 3 precious metals like gold. I don’t think we humans will have a fascination with 10 or 15,000 meme or sentiment tokens trading over the years,” he said.

Although Gensler was responsible for the approval of the first U.S.-based spot Bitcoin exchange-traded funds (ETFs), a move that contributed to institutional adoption, his leadership at the SEC has been widely criticized within the crypto community. He is often associated with the agency’s “regulation by enforcement” strategy, which resulted in a wave of lawsuits targeting various blockchain companies and platforms.

The recent rollback of several enforcement actions has fueled speculation about a potential policy shift under the current SEC administration. While the agency has not provided detailed explanations for the change in approach, it has significantly altered the regulatory landscape, offering temporary relief for many in the digital asset sector.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Digital Asset Investor (@digitalassetbuy), a well-known cryptocurrency commentator, posted the image on X, suggesting the meeting was kept hidden and questioning its implications in the SEC’s legal battle against Ripple.

Dirty Gary Gensler's full calendar(the one he kept hidden) is out. Well Well Well look who Gary met with before they filed an Amicus Brief supporting the SEC against @ripple ? @bgarlinghouse @s_alderoty @JohnEDeaton1 https://t.co/POKgfYtZnP pic.twitter.com/wrl0nBxTsf

— Digital Asset Investor (@digitalassetbuy) February 15, 2025

The Meeting and Its Significance

The document shows that at 2:00 PM on January 8, 2025, Gensler met with multiple representatives from Better Markets, including Stephen Hall, Legal Director & Securities Specialist; Ben Schiffrin, Director of Securities Policy; Brady Williams, Legal Counsel; and Cale Keable.

This meeting is more notable now, as Better filed an amicus brief supporting the SEC against Ripple just 14 days later. The timing of Gensler’s meeting with Better Markets, followed by their legal support of the SEC, has led to speculation about the extent of coordination between the regulator and external advocacy groups.

Gensler’s War On Cryptocurrencies

The meeting and subsequent filing by Better Markets is an example of Gensler’s broader anti-crypto agenda. The former SEC Chair aggressively went after Ripple and other prominent crypto companies like Coinbase.

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The SEC, under Gensler’s leadership, unfairly targeted digital assets, and this meeting is further evidence that the SEC sought to strengthen its case against Ripple by securing public legal support from groups like Better Markets.

Better Markets shares his anti-XRP stance, as shortly after the Ripple lawsuit’s final ruling in July, its CEO stated that the regulator had a 90% to defeat Ripple if it appealed the ruling.

His war on the crypto market kept prices down, discouraging many investors and significantly hampering the industry. However, his actions are now being exposed, and this revelation adds to the scrutiny surrounding Gensler’s tenure, particularly as he was already facing investigations before leaving office.

What’s Next For the Ripple-SEC Lawsuit?

While Gensler is no longer in office, the impact of his policies and regulatory actions continues to shape the digital asset industry. With the SEC still pursuing various enforcement actions against crypto firms, many experts believe the regulator will soon dismiss these cases.

The SEC’s new stance on crypto is more friendly, as it has acknowledged multiple XRP ETF applications and the broader crypto community believes that ETF approval and the end of the lawsuit are just around the corner.

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In a social media post, Garlinghouse mocked SEC Chair Gary Gensler, stating, “One definition of insanity….Doing the same thing over and over and expecting different results. Gensler’s SEC really took this to heart.”

One definition of insanity….

Doing the same thing over and over and expecting different results. Gensler's SEC really took this to heart. https://t.co/giV8GiW6qV

— Brad Garlinghouse (@bgarlinghouse) January 16, 2025

SEC Challenges District Court Rulings

The SEC’s brief focuses on disputing the district court’s conclusions regarding the applicability of the Howey Test to Ripple’s transactions involving XRP.

Specifically, the SEC contends that the lower court was mistaken in determining that Ripple’s offers and sales of XRP did not meet Howey’s criteria for an expectation of profits.

Additionally, the SEC asserts that transactions involving XRP in exchange for non-cash consideration should have satisfied the investment-of-money prong of the test.

The regulatory agency urged the appellate court to overturn the district court’s final judgment and summary judgment favoring Ripple, particularly about sales and offers made to retail investors.

Legal Community Responds

Ripple’s legal team and other legal commentators have downplayed the significance of the SEC’s appeal. Stuart Alderoty, Ripple’s chief legal officer, described the filing as “just noise,” reinforcing his confidence in Ripple’s position.

Apro-XRP attorney Jeremy Hogan criticized the SEC’s approach, stating, “I honestly found the brief lackluster – almost as though the drafter knew he was wasting his time. For example, almost half the brief was spent just reiterating what the trial court ruled.”

There is speculation within the XRP community that the appeal may not progress under the incoming administration, which could signal a shift in regulatory priorities. Alderoty has expressed optimism, hinting that the case might be dropped altogether.

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XRP Price Surges Amid Broader Developments

In a significant market development, XRP crossed the $3 mark for the first time in seven years. This price surge followed a Reuters report indicating that the SEC is considering pausing non-fraud-related crypto enforcement actions as part of an anticipated policy change.

Despite the ongoing appeal, XRP’s resilience has been evident in the market. One user on X (formerly Twitter), identified as pro09, commented on Garlinghouse’s post, stating, “Doesn’t matter…..#XRP almost @ ATH with the appeal dragging behind, with FUD, with the corrupt SEC, with hostile administration (still) etc…..just imagine when all this weight is lifted and we start thrusting the engines….”

Ripple’s CEO Maintains Confidence

Garlinghouse’s public statements highlight his continued criticism of the SEC’s approach to cryptocurrency regulation. His recent remarks echo Ripple’s longstanding position that the SEC’s enforcement actions against the company lack merit.

As the case unfolds, the outcome of this appeal is being closely watched by both the crypto and legal communities. While the SEC is determined to challenge the district court’s rulings, Ripple and its supporters remain confident that the case will ultimately end in their favor.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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His remarks on Twitter highlighted the SEC’s filing of an 81-page brief containing recycled arguments, including the assertion that cryptocurrency lacks inherent value—a claim Alderoty called “absurd and unsupported.”

Instead of standing down and pausing crypto litigation with new leadership just weeks away, Gensler's SEC filed an 81-page brief in the Binance case yesterday, recycling the same failed arguments—including the absurd (and unsupported) claim that crypto has no inherent value.…

— Stuart Alderoty (@s_alderoty) December 5, 2024

Calls for Clearer Regulation and Modernized Frameworks

This comment comes amid growing scrutiny of SEC Chair Gary Gensler’s enforcement approach to crypto regulation. Critics argue that the SEC prioritizes aggressive litigation rather than fostering a clear and balanced regulatory framework.

Alderoty has repeatedly underscored the need for regulatory clarity, emphasizing that the SEC’s reliance on outdated interpretations of the Howey Test fails to adequately address the uniqueness of digital assets.

John Deaton, a prominent crypto lawyer, echoed Alderoty’s sentiment, referencing the Howey Test to demonstrate the irrelevance of intrinsic value in determining whether an asset constitutes a security. Deaton questioned the SEC’s interpretation and suggested that such arguments undermine the credibility of its legal filings.

Observers within the cryptocurrency community, such as Nomad_XRP, have framed the SEC’s actions as a hindrance to innovation. They argue that while the SEC’s lawsuits create temporary market disruptions, they have allowed some investors to accumulate assets like XRP at lower prices, providing a silver lining amid regulatory uncertainty.

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Broader Implications for the Cryptocurrency Industry

The SEC’s strategy under Gensler has faced broader criticism for its lack of clarity and consistency. The Commission’s cases against companies such as Binance, Coinbase, and Ripple highlight its expansive application of securities laws, which many view as an overreach.

Notably, Judge Analisa Torres’ ruling in the Ripple case last year delivered a mixed outcome, affirming that XRP was not inherently a security but finding certain institutional sales by Ripple in violation of securities laws.

This ongoing debate underscores the critical need for modernized regulatory frameworks tailored to the digital asset industry. As the SEC continues its enforcement actions, legal challenges from firms like Ripple are expected to shape the future of crypto regulation, potentially forcing greater accountability and clarity from U.S. regulatory bodies.

Whether Gensler’s approach will withstand judicial scrutiny or catalyze calls for legislative reform remains to be seen. However, the persistent criticisms from industry leaders like Alderoty highlight the growing tension between innovation and regulation in the crypto space.

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In the clip, he discussed the ongoing legal battle between the SEC and Ripple and the broader implications for Ethereum.

Atkins, speaking about Gensler’s tenure, noted that Gensler’s approach to cryptocurrency has been anything but lenient, despite initial expectations due to beliefs that he understood the workings of the crypto market.

Listen to potential SEC Chairman appointee, Paul Atkins, discuss the @Ripple law suit in this clip from Jan 2022 where he mentions $XRP.

Atkins goes on to discuss the SEC’s views on whether Ethereum is a security or not. pic.twitter.com/SRkSKxDwNb

— Cowboy.X (@cowboycrypto313) December 3, 2024

Instead, Gensler employed an aggressive enforcement strategy through lawsuits. At the time, Atkins noted that this strategy raised questions about how effectively the SEC can pursue these cases, especially if courts oppose its arguments.

The Lawsuit Against Ripple

In his remarks, Atkins addressed the SEC’s lawsuit against Ripple, where the regulator tried to argue that XRP qualifies as a security under U.S. law. He highlighted the broader implications of the case, particularly for cryptocurrency exchanges.

He stated that the SEC did not have jurisdiction over an exchange unless it allowed users to trade securities. This way, if the SEC could label cryptocurrencies as securities, it would then go after the crypto exchanges like it went after Ripple.

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Ethereum’s Status and the Market’s Future

The conversation shifted to Ethereum, where Atkins acknowledged uncertainty about its regulatory status at the time.

He referenced past remarks from William Hinman, former SEC Director of the Division of Corporation Finance, who argued that ETH may have initially been a security but had since morphed into a non-security. While Hinman’s statements were not binding on the SEC, they reassured the crypto market.

However, Atkins noted Gensler’s differing stance, citing his lectures at MIT when he described ETH as a security. This divergence caused uncertainty at the time about how the SEC might proceed under Gensler’s leadership.

Atkins noted that the ramifications of declaring ETH to be a security would have been huge. If the SEC were to classify Ethereum as a security, it could trigger legal challenges, including rescission rights for past ETH transactions. Such a development, Atkins warned, could disrupt the market significantly.

However, Gensler took a different approach, ignoring Ethereum while aggressively pursuing XRP. This did not sit well with the XRP Army, and many speculated on the reasons for this through the ETH Gate conspiracy.

According to most crypto community members, Gensler’s tenure is a failure. Meanwhile, he has announced he will resign on January 20, 2025. This would allow Atkins and the incoming Donald Trump-led administration to properly regulate the nascent industry.

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According to a report from Fox Business journalist Eleanor Terrett, the announcement may come tomorrow.

NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned .

— Eleanor Terrett (@EleanorTerrett) December 3, 2024

This development comes after Gensler’s resignation announcement. His chosen date coincides with Trump’s return to office. Gensler’s tenure has been marked by stringent enforcement actions against the crypto industry, which many in the space argue have stifled innovation.

The most prominent example is the SEC’s lawsuit against Ripple, which resulted in prolonged uncertainty for XRP. With Gensler’s departure on the horizon, XRP has surged to its highest price since 2018, signaling renewed investor confidence.

Potential Candidates for SEC Chair

Several prominent names have been suggested as potential successors to Gensler. Among them is Christopher Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC) and a vocal advocate for blockchain innovation.

Often referred to as “CryptoDad,” Giancarlo is viewed by many as the frontrunner and a potential ally for the cryptocurrency industry.

Brian Brooks, the former Acting Comptroller of the Currency, is another strong contender. Known for his pro-crypto stance, Brooks has been a key figure in advancing regulatory clarity for digital assets.

Other potential candidates include Daniel Gallagher, currently serving as Robinhood’s Chief Legal Counsel; Brad Bondi, a partner at the law firm Paul Hastings; Paul Atkins, CEO of Patomak Global Partners; and Bob Stebbins, former SEC General Counsel.

Many experts and crypto advocates, including well-known attorney John Deaton, have supported Bondi while standing with Ripple’s Chief Legal Officer (CLO) Stuart Alderoty against Stebbins.

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Market and Industry Reactions

The possibility of a more crypto-friendly SEC Chair has generated optimism in the industry. XRP’s recent price rally reflects broader market enthusiasm, as investors anticipate a regulatory environment that could foster innovation and reduce legal uncertainty.

Critics of Gensler’s tenure argue that his approach to crypto regulation has been excessively adversarial. Industry leaders have pointed to the SEC’s enforcement-first strategy as a barrier to technological progress and market growth.

The appointment of a new Chair, especially one with a balanced view on crypto regulation, is a potential turning point. The dismissal of the lawsuit could also send XRP higher.

There have also been rumors that Ripple CEO Brad Garlinghouse met with Trump recently, and the crypto community can rest assured that the new administration will choose the right person for the job.

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