XRP (XRP) Slows Down After Recent Rally, as Speculations Intensify Around SEC Chair Rumours

Most cryptocurrencies are slowing down for the moment, following the recent rally which has seen fresh new all-time highs for Bitcoin. While BTC is still up on the daily timeframe, others like Ethereum and XRP are down.

Cryptocurrency prices are slowing down after a recent rally that saw Bitcoin (BTC) hit a fresh all-time high.

While BTC is still up on the daily timeframe, others like Ethereum (ETH) and XRP are down.

Specifically, XRP has had an impressive 57% run-up in the past week, now down 3.4% in the past 24 hours. At the time of writing XRP trades for US$1.09 (AU$1.66), as per data from CoinMarketCap.

However, there is some bullish news. French banking giant Societe Generale-FORGE has announced that it will be bringing its MiCA-compliant EURCV stablecoin to the XRP Ledger (XRPL).

There has also been a positive development between Ripple and Cardano, with Ripple’s CTO David Schwartz and Cardano founder Charles Hoskinson starting talks on stablecoins, DeFi, bridges and Midnight.

SEC chair rumours continue

Another boost came as rumours started intensifying about Gary Gensler’s departure, with Donald Trump vowing to fire the председател на Комисията по ценни книжа и борси на САЩ (SEC) on day one. Following Trump’s entry into the US presidential race, there have been speculations that Gensler might even tender his resignation.

That gave XRP a boost due to the potential for the SEC lawsuit against Ripple to finally wrap up.

However, it seems that some of the potential candidates for SEC chair are less than ideal, at least according to Ripple CEO Brad Garlinghouse.

Commenting on Crypto Twitter to a post by user Anders, who questioned the potential pick of Robert Stebbins, Garlinghouse said that Stebbins would indeed be a bad choice and a setback for the industry.

Robert B. Stebbins was the General Counsel for the SEC under председател на Комисията по ценни книжа и борси на САЩ Jay Clayton from 2017 to 2021, overseeing litigation, rulemaking, and enforcement, while leading a team of 150.

Stebbins also signed off on 80+ crypto enforcement actions - John E. Deaton (CryptoLaw)

According to Crypto Law’s John E. Deaton, Stebbins also signed off on 80+ crypto enforcement actions. In an episode of Crypto Law, which outlined the profiles of major candidates for SEC chair, Deaton said that Stebbins was “part of the crypto regulation by enforcement agenda.”

Deaton also highlighted concerns around Stebbins’ involvement in the Hinman emails and ETHgate controversy.

Whoever Trump ultimately picks for SEC председател на Комисията по ценни книжа и борси на САЩ, the role is critical for crypto as the right person could end the war on crypto, slate of lawsuits and regulatory uncertainty in the United States.

As Blockchain Association CEO Kristin Smith wrote in X, the SEC председател на Комисията по ценни книжа и борси на САЩ pick is one of the “most critical roles for crypto.”