Today (November 22, 2024), the crypto market witnessed a shocking event as Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), officially announced he would resign on January 20, 2025 – coinciding with the inauguration of new U.S. president Donald Trump.
Chris Giancarlo – 'Crypto Dad' is expected to take over
According to sources, the potential successor for the position of SEC chairman is Chris Giancarlo, the former chairman of the U.S. Commodity Futures Trading Commission (CFTC). With a crypto-friendly viewpoint and the nickname 'Crypto Dad', Chris Giancarlo is seen as a fresh breeze for the crypto industry, contrasting with Gary Gensler's strict stance.
In the past, Giancarlo stated before Congress that the United States should not ban crypto but should facilitate the growth of the industry. This viewpoint has been validated as Bitcoin (BTC) price surged more than 6 times in 2 years, from a low of 16,000 USD to the current peak near 99,000 USD.
Bitcoin reaches a new peak and the explosion of Altcoins
According to data from CoinGecko, Bitcoin is currently trading around 98,400 USD, up nearly 4% in the past 24 hours, with a market capitalization of nearly 1.95 trillion USD. The trading volume in the past day reached 118.5 billion USD, indicating significant interest from investors.
Following the news of Gary Gensler's resignation, major coins like XRP (Ripple), SOL (Solana), and ETH (Ethereum) surged significantly by 10% - 20%. The main reason stems from expectations that the legal policy towards crypto under the new chairman will become more lenient, paving the way for the development of these coins.
Additionally, experts predict that ETF applications for coins like SOL, XRP, ADA, and HBAR could soon be approved in early 2025.
Gary Gensler's legacy at the SEC
Despite having strict views on crypto, Gary Gensler also left a significant mark:
Approval of Crypto ETF funds:
Spot BTC ETF in January 2024.
Spot ETH ETF in July 2024.
Investor protection: He has led efforts to protect investor interests and improve SEC operations.
In a post on X (Twitter) on November 22, Gary Gensler shared that working at the SEC was 'the honor of a lifetime' and thanked President Joe Biden and his colleagues for their support during his term.
Bitcoin Industrial Complex hits trading record
On the same day, a record trading volume of 70 billion USD was recorded on the 'Bitcoin Industrial Complex' – including all stocks related to Bitcoin on the U.S. stock market.
MicroStrategy (MSTR): The company's MSTR shares recorded a surge in trading volume but fell over 25% this morning.
Conclusion
Gary Gensler's resignation and the possibility of Chris Giancarlo taking over as SEC chairman have created great expectations for the crypto industry. This event not only pushed Bitcoin's price close to the peak of 99,000 USD but also helped Altcoins surge strongly, reflecting investor expectations for a more open legal policy in the future.
Despite ongoing concerns about sustainability, with the support of new leaders, crypto is poised for stronger growth than ever.
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