Anti-Crypto SEC Commissioner Resigns After Gensler, XRP Near $8

SEC Chairman Gary Gensler's comments yesterday boosted XRP dramatically. The newest update includes anti-crypto SEC Commissioner Jaime Lizárraga's resignation. On January 17, 2025, Democrat Lizárraga, who opposes crypto, will resign due to his wife's health.

“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” Lizárraga told Bloomberg Law.

Lizárraga agrees with Gensler that all crypto tokens are securities. He also stated that “problems in the digital asset market are worse than those in the traditional finance system, because they occur in a largely unregulated space.” Thus, his and Gensler's departure signifies a softer crypto industry stance.

The announcement comes a day after SEC Chair Gary Gensler announced his departure on January 20, suggesting agency changes. Caroline Crenshaw is the only Democrat on the five-member SEC after both departures. Hester Peirce and Mark Uyeda, Republicans, require her cooperation to implement or change rules, hence crypto-related policies are unclear.

These revelations shook the crypto market, especially XRP, which rose almost 33% in a day. The coin breached major resistance levels after Lizárraga's statement, indicating a trader and investor mood change.

Pantoja said earlier this month that hitting $8 may push XRP to $30. A Republican-majority SEC may lessen crypto company enforcement, improving digital asset conditions.

XRP prices may reflect market expectations of decreasing regulatory monitoring. Under Gensler, the SEC aggressively sued key crypto businesses, including Ripple Labs, the maker of XRP.

Following Gensler, the SEC's policy path is unknown, but the market's response shows investor confidence. XRP's rise to $1.50 suggests market investors expect regulatory easing under the new SEC.

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