We Are Prepared for an IPO, But Only If Biden Removes Gary Gensler, the Current SEC Chair

CEO of Ripple: We Are Prepared for an IPO, But Only If Biden Removes Gary Gensler, the Current SEC Chair

• In his opinion, Ripple is prepared to go public via an initial public offering (IPO).
• But the CEO of Ripple is certain that SEC Chair Gary Gensler need to go.

According to Brad Garlinghouse, CEO of Ripple Labs Inc., the business is now prepared to offer an IPO. To make that happen, though, the business is demanding that Gary Gensler be removed from his position as Chairman of the Securities and Exchange Commission (SEC).

CEO of Ripple on IPO Prospects: Gensler's Resignation Leads the Way

The CEO made these remarks in reaction to rumors that President Joe Biden has been reaching out to cryptocurrency companies during the current election campaign. Although the President's position on cryptocurrencies has changed, Garlinghouse thinks Gensler's retirement is essential to the industry's continued growth.
In a recent article on X, Garlinhouse said, "The single most important thing the Biden administration can do is demand the resignation of Gary Gensler if they are actually serious about a shift (and finally waking up to the crypto electorate)." It seems that the XRP community agrees with Garlinghouse that Gensler should not be allowed to continue as SEC chairman. "This dude Gary Gensler has hurt many XRP holders," a community member said. "Even though they are the most transparent, XRP had been stagnant for 6 years while Ethereum and Bitcoin got their bull run."
Like Garlinghouse, Gensler is viewed by many cryptocurrency aficionados as President Biden's administration's political liability. The strict crypto policies that the Chairman has implemented since assuming office serve as the foundation for this viewpoint. Ripple has been affected by these policies, just like a lot of other businesses.
Garlinghouse pointed out that rather than drafting clear regulations, Gensler has been focusing on hiring more lawyers to chase cryptocurrency startups. The CEO of Ripple and other notable industry players refer to this tactic as regulation by enforcement. Notably, under Gensler's direction, the SEC has brought numerous cases against cryptocurrency companies, including Coinbase, Binance, Kraken, and LBRY. Many believe Gensler's leadership at the SEC caused a significant delay in the settlement of the Ripple litigation, even though the agency took up the case from the previous administration.
A partial victory was granted to Ripple last year by US District Judge Analisa Torres. However, as previously announced by Crypto News Flash, Gensler alluded to the potential for an appeal by the SEC against the court's summary ruling. The "Fire Gensler" movement gained traction in the industry due to Gensler's strict regulatory approach towards cryptocurrency. Garlinghouse agreed, and he has pushed the Biden administration to call for Gensler's departure.

The Reaction of XRP

Let's examine XRP's (the cryptocurrency linked to Ripple Labs) response to this latest event. According to cryptocurrency analyst Javon Marks, XRP may be about to have a bullish breakout as its price is getting closer to the Pennant/Coil Pattern's highlighted coinciding point. A Hidden Bullish Divergence validates this possible bullish breakout. Technically speaking, this signal suggests that an existing uptrend has underlying strength. If the bullish breakout holds, the analyst projects a 36,000% climb in XRP into the $200 price level. The price of XRP is $0.5217 at the time of writing. The past 24 hours have seen a 1% increase. Its market capitalization is $28.9 billion, and its trading volume is $1 billion.