After Donald Trump’s victory in the recent presidential elections, the cryptocurrency market has seen staggering growth reaching new heights, and the market is expected to strengthen more in coming sessions.
A debate in the wider cryptocurrency market has been going on, as in a speech back in July this year Trump said as soon as he wins the elections he will be firing Gary Gensler from his post of SEC as the chairman.
While addressing a legal education institute, Gary most recently hinted that he might soon leave the position of SEC chief. He quoted ” I’ve been proud to serve with my colleagues at the SEC who, day in and day out, work to protect American families on the highways of finance.”
As per experts this speech of Gary is expected to fuel a bullish sentiment in the broader market as he is considered as one of the biggest critics of the cryptocurrency market.
It is worth noting that the eligible candidate for SEC chair is always elected by the president, and once the government runs out of power the upcoming government selects the candidate as per their agenda and requirement.
Will Someone from the Crypto Market Become the New SEC Chief?
Reports suggest that the Trump administration has prepared a list of preferred candidates to assign key responsibilities under its leadership. Earlier this week, speculation arose that the chief legal officer of Robinhood Crypto might be appointed as the new SEC chief following Gary Gensler’s resignation.
Political experts suggest that the recent U.S. election received significant funding from the crypto sector, followed by the fossil fuels industry. The substantial financial backing for Trump could potentially lead to shifts in policies toward digital assets and decentralized technologies in the nation.
While speculations about the next SEC chief are widespread, confirmation of the final candidate is still awaited. Gary Gensler’s stance on crypto has heavily tarnished his reputation within the digital assets community, with some labeling him the “villain of crypto.”
Trump is set to take the oath of office on January 20, 2025, following the 20th Constitutional Amendment, which mandates the ceremony to be held on this date.
His victory is being celebrated as a turning point for the crypto market. Throughout his campaign, he has been a vocal supporter of BTC and other digital assets, further bolstered by his disclosure of personal digital asset holdings.
In October 2024, several media outlets reported that the Chief Legal Officer of Robinhood was being considered by Trump’s team for the position of SEC Chair. However, no official confirmation regarding this potential appointment has been made by Trump’s office.
Despite Trump’s promise to remove Gensler swiftly, attention now turns to whether the SEC Chair will resign on inauguration day. Industry insiders are eagerly anticipating a swift transition.
IBIT, BlackRock’s Bitcoin spot ETF, is considered one of the top contenders in the crypto spot ETF market, attracting major investors like Goldman Sachs, Capula, and Millennium Management.
However, some argue that BlackRock’s own status as a leading financial giant has played a key role in drawing new users to the crypto market, contributing to a surge in fresh fund inflows.
