On November 21 local time, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), announced that he plans to resign from his position on the day President Trump is inaugurated in January 2025. Due to Gensler's strict regulatory measures on cryptocurrencies during his tenure, the price of Bitcoin further increased after he announced his resignation, approaching $100,000 that day.
Gensler stated that he will resign on January 20 next year, a year earlier than the originally scheduled end of his term. After the announcement, the price of Bitcoin surged to over $99,000 on that day, an increase of nearly 12% compared to the previous day.
Gensler took over the SEC in 2021, with a normal term of five years. During his tenure, he strengthened regulation of cryptocurrencies and cracked down on violations in the cryptocurrency industry. It is reported that Gensler's reform plans have sparked controversy on Wall Street and within the cryptocurrency industry. Trump has stated that he would remove Gensler on his 'first day' in office.
However, Gensler also helped investors gain more access to Bitcoin. In January this year, the SEC approved an exchange-traded fund (ETF) that tracks the spot price of Bitcoin. With such funds, investors can participate in Bitcoin trading without having to invest large sums of money.
Trump has not announced who will take over the position of SEC chairman, but the market expects the successor to take a more favorable stance on cryptocurrencies. According to a recent report by Bloomberg, President-elect Trump is considering creating a new position at the White House specifically responsible for cryptocurrency policy, which is another sign of support for cryptocurrencies. Earlier this month, the price of Bitcoin was still below $70,000. After Trump won the presidential election, the price of Bitcoin has risen by 40%. Experts predict that the price of Bitcoin will gain further upward momentum in the future, potentially breaking through $100,000 within the year.
