Ripple's price increased by 5% following the news that Gary Gensler will step down on January 20th.

The Chairman of the US Securities and Exchange Commission, Gary Gensler, took to X to announce that he will be stepping down from his position on January 20th, 2025.

Gensler published a thread on his account on X, confirming what many already suspected. He will step down from his position on January 20th - the day Donald Trump is to be inaugurated as the 47th President of the United States.

"The SEC is a remarkable agency. The staff & the Commission are deeply mission-drive, focused on protecting investors, facilitating capital formation, & ensuring that the markets work for investors & issues alike. The staff comprises true public servants." - Gensler said.

The broader cryptocurrency market didn't react that much to the news, with the exception of Ripple's XRP, which exploded by 5% immediately after.

The SEC is in a prolonged lawsuit against Ripple, and many believe that with Gensler's resignation, the Agency might change its stance or at least soften it going forward. Of course, that's just speculation, but it's interesting to see who will step in his shoes and what they would do in regard to the pending cases that the SEC is involved in against a multitude of crypto-focused companies.