United States Securities and Exchange Commission (SEC) 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 resigns when a new administration enters the White House, adding that a Trump ticket would spell disaster for Gensler’s role as head of the agency.
He cited Biden’s sudden decision to abandon his election bid as a near-certainty that Trump would be sworn in as president in January 2025. 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, J.D. Vance, slammed Gensler as the “worst person” to regulate crypto assets, saying he had a backward and over-politicized approach to crypto policy.
NEW VIDEO
— Bill Hughes : wchughes.eth (@BillHughesDC) February 27, 2024
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
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 Nashville, 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 Bitcoin’s previous bull market all-time-high of $68,300 could be “defined as a line in the sand” that Bitcoin (BTC) 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 promising 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 creditor repayments by collapsed crypto exchange Mt. Gox, analysts pinned the worst of Bitcoin’s recent price action as being firmly in the rearview mirror.
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