A new report from crypto research company 10X Research on July 21 suggested that Gary Gensler’s time as Chair of the U.S. Securities and Exchange Commission (SEC) could be coming to an end as early as next year, should current U.S. President Joe Biden’s exit from the 2024 presidential race lead to a change in administration.
SEC Chair Gary Gensler May Resign By 2025, 10X Research Report Claims
Originally slated to conclude on June 5, 2026, Gary Gensler’s term as SEC Chair could be cut short, according to the latest report from the Markus Thielen-founded organization.
This prediction hinges on the historical tendency of federal regulators to resign when a new administration takes office. Such a change could have substantial implications for the cryptocurrency space.
Should this scenario unfold, with Republican nominee Donald Trump emerging victorious, Thielen estimates Gary Gensler “will most likely resign” by January or February 2025.
News of Thielen’s prediction follows closely on the heels of President Joe Biden’s announcement that he would not seek re-election.
“I want to offer my full support and endorsement for Kamala (Harris) to be the nominee of our party this year,” Biden stated on July 21st. “Democrats — it’s time to come together and beat Trump. Let’s do this.”
However, given the open primary, Harris must still secure her party’s nomination ahead of November, though no other politician has yet challenged her for the position.
I will do everything in my power to unite the Democratic Party—and unite our nation—to defeat Donald Trump and his extreme Project 2025 agenda. If you’re with me, add a donation right now.https://t.co/xpPDkCRhoZ
— Kamala Harris (@KamalaHarris) July 21, 2024
“I am honored to have the President’s endorsement and my intention is to earn and win this nomination,” Harris stated.
Will Trump Make An Announcement At Bitcoin Conference 2024?
Trump has historically adopted a more open stance on digital asset regulation, while Biden and Harris have leaned towards greater oversight within the blockchain sector.
This difference in approach makes the outcome of the 2024 election crucial for the future of cryptocurrency regulation.
Thielen speculates that Trump, with his more favorable stance on cryptocurrency, could use this week’s Bitcoin Conference 2024 in Nashville to make a notable announcement related to digital assets.
“Speculation is high that he will announce Bitcoin as a strategic reserve asset, which could trigger a sharp increase in Bitcoin’s price,” Thielen states.
The former reality television star’s appearance at the event has generated considerable excitement within the crypto community, with tickets to the high-profile event going for as much as $844,600.
Biden’s unexpected withdrawal from the race adds another layer of intrigue to an already unpredictable election cycle.
The outcome of the November 2024 election will undoubtedly shape the trajectory of the crypto industry for years to come, particularly regarding regulation.
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