The United States of America has become the fortress for cryptocurrency enthusiasts after the triumph of Donald Trump in the presidential election. The latest news regarding the U.S. and its crypto sphere is, that the U.S. Securities and Exchange Commission Chair Gary Gensler, who was a constant foe against the cryptocurrency decided to step down from the agency in January. This has somehow led to the unprecedented price spike of Solana and other crypto coins.
Gary Gensler’s Exit and Bullish Momentum of Crypto Coins
The United States of America has transformed into the favorite playground of crypto enthusiasts ever since Donald Trump was elected as president. We have seen an immense price growth of Bitcoin in the last week. It reached an all-time high price of 98,453.70 USD in the previous week. The never-ending good news for crypto enthusiasts is still coming from the United States.
According to the latest media reports, Gary Gensler, chairperson of the Securities and Exchange Commission is set to leave his role in January, this decision was taken following the victory of Donald Trump in the election. He is expected to step down from the role on January 20 after Donald Trump’s inauguration. Trump has already mentioned his plan to sack Gensler from the SEC during his election campaign days. This decision has to be the result of his anti-crypto approaches under Joe Biden’s presidency. Gensler is a strict foe of cryptocurrency projects but we all know Trump is an ardent admirer of cryptocurrency, so this sacking is not an unexpected one in American politics.
The dismissal of Gary Gensler from the SEC has already initiated favorable market trends for cryptocurrency projects. The news of Gary Gensler’s exit from the Securities and Exchange Commission has triggered and enabled bullish momentum in crypto markets.
Major Spike in the Crypto Arena after Gensler’s Sacking
Investors have started to show affinity towards the projects that have underperformed in the previous years due to the policies of Gary Gensler under Biden’s presidential regime. Crypto projects like Solana(SOL) Binance Coin(BNB), and Ripple(XRP) all are in high demand. And the prices have shown a significant spike in recent days. Ripple was one of the most prosecuted cryptocurrencies under Gary Gensler’s authority. Now XRP has shown a price surge of 12.7% on Thursday and reached $1.39 with an 87% bullish trend. This unprecedented price surge was right after the exit of Gensler from the Securities and Exchange Commission.
Solana’s(SOL) price has also increased after Gensler’s exit. Solana reportedly recorded 10.30% gains after it. it is currently valued at $259.12 with an 87% bullish trend. Binance Coin is another coin that showed a significant improvement after this news. Binance coin was on a two-day losing streak before. And it regained its momentum right after the exit of Gensler from the SEC. BNB has reported a 5% spike and reached $629.74 with an 81% bullish trend.
Bitcoin has already shown unparalleled growth right after Trump’s victory. The price spike of BTC doesn’t need to be integrated with Gensler’s exit. But it has some effects on it too, the total change in the cryptocurrency policy will affect all the projects. BTC has also benefitted from the exit of Gary Gensler from the Securities and Exchange Commission.
Gary Gensler’s Exit From SEC: Is A New Cryptocurrency Policy Near?
Donald Trump’s pro-crypto approach and attitudes will lead to the creation of new policies that will be favorable to the crypto sphere. The sacking of Gary Gensler from the chairman post of The SEC is itself the first step to it. We will be able to see extraordinary growth of cryptocurrency and crypto projects in the upcoming years under the regime of Donald John Trump.
Gary Gensler came out and responded to his sacking from The Securities and Exchange Commission. His response was like this,
“I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor,”
The birth of a new era of cryptocurrency is on the line. And all the cryptocurrency investors and enthusiasts are eagerly waiting to capitalize on this golden opportunity to reap success and profits.
