Gary Gensler may resign in 2025 after Biden exits, 10x Research says.
10X Research founder Marcus Thielen has predicted that US Securities and Exchange Commission Chairman Gary Gensler will resign in the first two months of 2025 after President Joe Biden completes his White House term.
In a July 21 market report, Thielen said SEC chairmen typically step down when a new administration is elected, adding that a Trump ticket would pose a significant risk to Gensler's role as head of the agency.
Incumbent President Joe Biden's sudden decision to drop his election bid made it clear that Trump will be sworn in as president next November. However, other industry analysts disagreed with this idea.
“With Joe Biden out of the US presidential race, no credible candidate can seriously challenge Donald Trump. The November election seems decided without one vote. A pro-crypto administration for Bitcoin will enter the White House.”
“Although SEC Chairman Gensler's term expires on June 5, 2026, he will likely resign in January/February 2025,” Thielen wrote.
In February, Trump's rival, JD Vance, accused Gensler of being a “bad guy” for controlling crypto assets, saying he had a backward and politicized approach to crypto policy.
New video of Ohio Senator JD Vance on Gensler:
He is very political in security control.
He has it backwards when he wants to block important signs and doesn't seem to care about people who don't have special facilities.
Senator Vance sees blockchain as key… pic.twitter.com/yKoNmk4Bm4
— Bill Hughes: wchughes.eth (@BillHughesDC) February 27, 2024
In addition, Thielen cited a number of positives for the crypto market in the coming weeks as several reports and rumors hint that Trump will make a surprise announcement at the upcoming Bitcoin conference in Tennessee on July 25.
Related: Joe Biden's exit wiped out $67M in crypto long positions in 30 minutes.
“Speculation is high that he will announce Bitcoin as a strategic reserve asset, which could lead to a parabolic rise in Bitcoin's price,” Thielen said.
Ahead of Trump's speech, he warned investors not to take profits or look short BTC, saying Bitcoin (BTC) was trading below Bitcoin's previous bull market all-time high of $68,300 “which can be described as a line in the sand.” The expected “parabolic movement” 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 broader crypto market.
Following a wave of “forced selling” from the German government, the massive price action and crypto exchange Mt. Gox collapse, analysts confirm that the worst of Bitcoin's price action is in the rearview mirror.
Magazine: Crypto Exposes Sudden Disagreement Among Democrats Months Before Election
