The U.S. SEC Chair, Gary Gensler, is reportedly set to resign in early 2025, stirring significant discussion within the crypto market. Notably, Gary Gensler’s tenure has been marked by actions viewed as anti-crypto by many market observers. Notably, this development coincides with broader political shifts, including President Joe Biden’s unexpected withdrawal from the 2024 presidential race, which has implications for the regulatory landscape.

US SEC Chair Gary Gensler Likely To Resign In Early 2025

A recent report by 10X Research suggests that with Biden stepping down, no viable candidate remains to challenge Donald Trump. In other words, Joe Biden exiting the U.S. Presidential race cemented bets over Donald Trump’s potential victory in the upcoming election.

Historically, new administrations often lead to changes in key regulatory positions, including the SEC Chair. For instance, Mary Jo White resigned as SEC Chair after Trump’s election in 2016, and Christopher Cox stepped down when Obama took office in 2009.

Meanwhile, Markus Thielen, founder of 10X Research, predicts that Gensler will follow this pattern and resign by January or February 2025. However, Gary Gensler’s term will officially end in June 2026.

Thielen emphasizes that a Trump administration would likely be weighing on the current SEC Chair’s role, given Trump’s pro-crypto stance. This viewpoint is echoed by J.D. Vance, Trump’s pick for VP in the upcoming election, who has criticized Gensler for his stringent approach to crypto regulation.

Also Read: Michael Saylor Highlights Bitcoin Supremacy Over S&P 500

How Will It Impact the Crypto Market?

Thielen also highlighted several bullish indicators for the crypto market, including rumors that Trump might announce Bitcoin as a strategic reserve asset at the upcoming Bitcoin conference in Nashville. Such an announcement could significantly boost Bitcoin’s price.

In addition, Thielen advised investors against selling or shorting Bitcoin before Trump’s speech, predicting that Bitcoin’s previous all-time high could soon be surpassed. This speculation is buoyed by the anticipation of a favorable regulatory environment under a pro-crypto administration.

Analysts believe that the worst of Bitcoin’s recent price volatility, driven by forced govt selling and creditor repayments from the collapsed Mt. Gox exchange, is likely to be over. Additionally, Gary Gensler’s anticipated resignation as SEC Chair in early 2025 aligns with broader political and market dynamics.

The potential shift towards a pro-crypto administration under Trump could herald significant changes in the regulatory landscape, with far-reaching implications for the crypto market.

Also Read: Spanish Banking Giant Unicaja Invests In This Crypto Exchange

The post US SEC Chair Gary Gensler To Apparently Resign In Early 2025 appeared first on CoinGape.

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Filed under: News - @ July 22, 2024 3:30 pm