Former President Donald Trump Pledges to Fire SEC Chair Gary Gensler on His First Day in Office if Reelected

Former President Donald Trump took the stage at the 2024 Bitcoin Conference in Nashville. In addition to expressing his full support for the Bitcoin community and pledging to establish an advisory council, Trump made bold claims about firing SEC Chair Gary Gensler on his first day in office if reelected.

Former President Donald Trump attended the 2024 Bitcoin Conference in Nashville, expressing his support for the Bitcoin community and promising to establish an advisory council if reelected.

Trump also made bold claims about firing SEC Chair Gary Gensler on his first day in office. This statement has sparked excitement within the XRP community, given the ongoing SEC lawsuit against Ripple.

However, despite Trump's statements, XRP has yet to show any significant response. At the time of writing, XRP is trading down over 1%, priced at $0.60.

The SEC has classified Bitcoin and Ethereum as cryptocurrencies, but not XRP. In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging that they offered unregistered securities to the tune of $1.3 billion.

The SEC claims that Ripple raised capital by exchanging XRP for non-cash considerations without providing the necessary investor disclosures. This lawsuit sparked a debate over whether XRP should be classified as a security.

Ripple CEO Brad Garlinghouse has maintained that XRP is a currency and that the lawsuit is targeting cryptocurrencies more broadly. Despite Ripple's defenses, the lawsuit has had a severe impact on XRP and Ripple.

Asset managers like Grayscale Digital have liquidated their XRP holdings, and wallets holding over 1 million XRP have reached their lowest levels since 2019. XRP's value has dropped by 75%, leading some experts to predict that it could become worthless.

The ongoing lawsuit has limited XRP's growth potential, but its strong market position and Ripple's global expansions suggest that there is still potential for significant appreciation once the legal issues are resolved.

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