United States Securities and Exchange Commission Chair Gary Gensler will likely resign within the first two months of 2025 after President Joe Biden finishes his term at the White House, predicts 10X Research founder Markus Thielen.
In a July 21 market report, Thielen said that the SEC Chair typically resigned when a new administration was elected, adding that a Trump ticket would spell disaster for Gensler’s role as head of the agency.
He cited current President Joe Biden’s sudden decision to abandon his election bid as a near-certainty that Trump would be sworn in as president come November. However, other industry commentators have disagreed with this notion.
“With Joe Biden dropping out of the US Presidential race, no credible candidate can seriously challenge Donald Trump. The November election appears to have been decided without a single vote. For Bitcoin, a pro-crypto administration will enter the White House.”
“Despite SEC Chair Gensler’s term ending on June 5, 2026. He will most likely resign by January/February 2025,” Thielen wrote.
In February, Trump’s running mate, JD Vance, slammed Gensler as the “worst person” to regulate crypto assets, saying that he had a backward and over-politicized approach to crypto policy.
NEW VIDEO
Ohio Senator JD Vance on Gensler:
He is way way way too political in his regulation of securities.
He has it backwards when wanting to ban useful tokens and seemingly not caring about those without specific utility.
Sen. Vance sees blockchain as key to… pic.twitter.com/yKoNmk4Bm4
— Bill Hughes : wchughes.eth (@BillHughesDC) February 27, 2024
Additionally, Thielen noted a swathe of bullish catalysts for the crypto market in the coming weeks, saying that “multiple reports and rumors” hint at Trump making a surprise announcement at the upcoming Bitcoin conference in Tenessee on July 25.
Related: Joe Biden’s withdrawal wiped $67M of crypto long positions in 30 minutes
“Speculation is high that he will announce Bitcoin as a strategic reserve asset, which could trigger a parabolic rise in Bitcoin’s price,” said Thielen.
He cautioned investors against taking profits or looking to short BTC before Trump’s speech, saying that with Bitcoin’s previous bull market all-time-high of $68,300 could be “defined as a line in the sand,” that Bitcoin would trade above following an expected “parabolic move” in the coming months.
Meanwhile, several analysts told Cointelegraph that despite the current political turmoil in the US, the road ahead looks good for Bitcoin and the wider crypto market.
Following the tumultuous price action brought about by a wave of “forced selling” from the German government and the collapse of crypto exchange Mt. Gox, analysts pinned the worst of Bitcoin’s price action as being firmly in the rearview mirror.
Magazine: Crypto exposes sudden rift among Democrats months ahead of election
