Gensler's Possible SEC Exit Could Boost XRP, SOL, and Meme Coins

IconCryptoNewsTerminal Staff24 Jul, 2024

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Gensler's Possible SEC Exit Could Boost XRP, SOL, and Meme Coins

Cryptocurrency media outlet Crypto Daily has analyzed that "regardless of who wins the US presidential election in November, there is a growing possibility that Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), will resign in early 2025. In this case, Ripple (XRP), Solana (SOL), and new meme coins could benefit." Crypto Daily explained that "if Gensler resigns, the SEC is likely to drop its appeal related to the summary judgment it obtained in its lawsuit against Ripple (that XRP sold through its programming does not constitute a security)." The recent surge in XRP's price after the increased probability of Donald Trump's victory as the Republican presidential candidate supports this scenario. Also, the possibility of approving a physical ETF for Solana (SOL) is likely to increase, which could positively affect the price of SOL tokens. Finally, if the new SEC administration eases cryptocurrency regulation, newly launched cryptocurrencies will likely benefit. Especially new meme coins with added utility like AI functions and staking are likely to benefit.

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