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The headlines have been filled with rumours about Chair Gensler's resignation. This news has left markets unsure of the regulatory environment. In recent sessions, XRP has maintained a holding pattern, staying below the high of $1.2680 set on November 16.
Eleanor Terrett, a journalist, has revealed that Gensler might resign from her position as SEC Commissioner and Chair. The SEC may vote in favour of cryptocurrencies like XRP if he leaves.
Appointment of SEC Chair Important for XRP
Trump’s selection to lead the organization is also quite important, although XRP might benefit from Gensler's departure. Attorney John E. recently shared his thoughts on 2 candidates competing for the position of SEC Chair, Brand Bondi and Bob Stebbins.
Deaton added that Stebbins approved more than 80 crypto legal proceedings, including the Ripple case, while he was in the SEC's Office of General Counsel. The Amicus Curiae lawyer chose Brand Bondi Because of his opinions on DeFi and self-custody.
He stated:
“Brad Bondi went one step ahead and stated that the SEC has no business getting involved when a DeFi protocol is coupled with self-custody. Securities laws have no implications. We need that.”
Former SEC John Reed Stark stated:
“In my opinion, Brad should immediately stop all SEC crypto-related investigations. He should direct the legal team to immediately stay, settle, or dismiss all SEC crypto-related cases on his first day at SEC headquarters.”
XRP Price Action
On November 20, XRP closed at $1.1047, up 0.35%, somewhat fixing Tuesday's 1.29% loss. Even with a slight rebound, XRP is behind the 0.93% gain in the larger cryptocurrency market.
The selection of Trump as SEC Chair and Gensler's resignation will probably determine XRP's short-term movements. A pro-crypto SEC chair could boost it towards $1.5. Meanwhile, a less favourable selection might drop XRP below $1.
US BTC-Spot ETF Market
Notable changes also occurred in the Bitcoin market. On Wednesday, November 20, the US BTC-spot ETF market is probably going to continue its run of inflows for three sessions. Investors claim that:
- FBTC generated $133.9 million in net inflows
- BITB and ARKB also recorded net inflows
MicroStrategy chairman and founder Michael Saylor announced on Wednesday:
“Due to strong demand, we increased the amount of our MSTR offering of 0% convertible notes due in 2029 from $1.75 billion to $2.6 billion, which also includes a $400 million greenshoe option. We also set the price at a 55% conversion margin.”
MicroStrategy paid almost $4.6 billion to buy 51,780 bitcoins, increasing its total holdings to 331,200 at an average price of about $49,874 per bitcoin. Because of MicroStrategy's ongoing Bitcoin purchases, supply is being reduced, which raises prices.
ETF Analyst Eric Balchunas said:
“Whoa, MSTR is the most traded stock in America right now. It's insane that it surpassed NVDA and TSLA. The last time a stock traded more than one of those two was probably GME, and that was years ago. It also has to do with double spy! Crazy times!”
