“Which is best for the crypto market? Resign or not?”
The cryptocurrency market has recently been rocked by rumors of United States (US) Securities and Exchange Commission (SEC) Chairman Gary Gensler's possible resignation.
However, BitBoy founder Brian Armstrong revealed that Gensler's resignation will not happen at all, adding that the rumor appears to be a hoax.
This is because the crypto community actually wants to get clarity regarding the regulation of digital assets instead of wanting to bring Gensler down as they fear the actions of the new SEC Chairman will be worse than before.
In the first week of June 2023, the entire crypto market bled a bit when the SEC filed lawsuits against Binance and Coinbase for violating securities laws.
There is no doubt that the crypto market could see a significant increase if the news is true, but Armstrong strongly believes that the resignation is just a follow-up rumor as yet no concrete statement has been released.
He also said that Gensler is likely to act differently if he wants to leave the SEC in the near future.
After Gensler is said to be running for the Senate seat in Maryland after the retirement of Senator Ben Cardin in 2024, there are various speculations that he is the ideal candidate for the Senate in Baltimore, Maryland.
Even so, John Deaton, the lawyer representing XRP holders in the lawsuit between Ripple and the SEC strongly believes that the resignation of the SEC Chairman will happen in a few months due to political action.
