①Gary Gensler, Chairman of the SEC, announced on Thursday that he plans to step down on January 20, 2025; ②This news has brought cheers to the bullish cryptos; ③At the announcement of Gensler's impending resignation, the price of bitcoin has approached the milestone of $0.1 million.
Finance Link Press November 22nd (Editor Chun Bian) Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), announced on Thursday that he plans to step down on January 20, 2025 (the day President Trump was sworn in). This news has brought cheers to the bullish cryptos.
"I am grateful to President Biden for entrusting me with this extraordinary responsibility. The SEC has completed our mission, fearlessly and impartially enforcing the law," Gensler said in a statement.
SEC pointed out that in the last complete fiscal year, 18% of complaints, tips, and referrals were related to cryptos - even though the crypto market accounts for less than 1% of the U.S. capital markets.
Gensler's term was originally set to end in 2026, but as is customary, federal agency leaders typically resign when a new administration takes office.
Gensler is a well-known crypto skeptic. During his tenure, he targeted the crypto industry, suing companies like Coinbase, Kraken, and Binance, alleging their failure to register with the SEC violated regulations.
U.S. President-elect Trump has repeatedly expressed support for the crypto industry, including pledging to establish a bitcoin reserve in the USA. He stated that he would dismiss Gensler on his 'first day' in office.
Reportedly, potential candidates to replace Gensler include securities lawyer Teresa Goody Guillén and former Acting Comptroller of the Currency Brian Brooks.
Peter Eberle, Chief Investment Officer of Castle Funds, stated that he is "pleased" to see Rensler resign, while he expects the SEC to be more friendly to the crypto industry under the leadership of the Trump administration.
Dan Weiskopf, Co-Portfolio Manager of the Amplify Transformational Data Sharing ETF, expressed in a media phone interview, "For years, we have needed a clearer industry roadmap, I think with Rensler stepping down, there are new people who can step in and provide a roadmap."
As Rensler announced his impending resignation, the price of Bitcoin approached the milestone of $0.1 million. Currently, Bitcoin is trading around $98,527, having hit a historic high of $99,028 earlier on Thursday.
Since Trump's election win, the cryptocurrency has risen by over 40%, as investors widely expect the incoming Trump administration to take a more friendly stance towards cryptocurrencies.
In recent days, the crypto industry has seen a bullish trend. According to media reports on Thursday, Trump's social media company, Trump Media & Technology Group, is considering developing cryptocurrency payment services.
The day before, media reports indicated that Trump's team is in discussions with the digital asset industry on establishing a new position dedicated to cryptocurrency policy at the White House, with another report suggesting Trump's social media company is in talks to acquire the crypto trading company Bakkt.