US Securities and Exchange Commission (SEC) Chair Gary Gensler is likely to resign during the first two months of 2025 after Joe Biden finishes his term at the White House, said 10X Research founder Markus Thielen.
The SEC Chair usually resigns when a new administration is elected, and should former president Donald Trump retake the White House it would likely spell disaster for Gensler, Thielen said in a July 21 report. Gensler’s term is scheduled to end in June 2026.
Gary Gensler Resignation Could End SEC’s Attack On Crypto
The potential resignation of Gensler could bring an end to the SEC’s attack on the crypto industry. Under Gensler’s leadership, the SEC has employed a regulation-by-enforcement approach to the nascent digital asset space that has been widely criticized by crypto industry leaders.
President Biden announced his official withdrawal from the presidential race on July 21. Thielen believes the development makes Trump a near certainty to be sworn in as the new president.
“With Joe Biden dropping out of the US Presidential race, no credible candidate can seriously challenge Donald Trump,” Thielen wrote. “The November election appears to have been decided without a single vote.”
Trump’s Pro-Crypto Stance
Trump has recently adopted a positive stance towards the crypto industry. Not only has he opened up donations for his campaign in digital assets, he is also pushing for the last unmined BTC to be produced in the US.
The former president announced his intention to launch a fourth NFT (non-fungible token) collection as well, and has promised to be ”crypto president” if he is elected.
Meanwhile, Trump is set to deliver a 30 minute speech at Bitcoin 2024, which is considered one of the biggest crypto conferences in the world, on July 27.
Speculation has been on the rise that Trump might announce BTC as a strategic reserve for the US at the event. However, there has been no confirmation from Trump or his team that this will happen.
Following Biden’s withdrawal from the presidential race, the crypto market cap recorded a minor uptick to stand at over $2.44 trillion as of 3:40 a.m. EST.
BTC edged up, pushing the market leader’s value to $67,324.36 while also nudging its weekly performance past 6%.
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