As a seasoned financial analyst with over two decades of experience in market trends and political analysis, I have closely followed the developments at the Securities and Exchange Commission (SEC) and the cryptocurrency industry. The ongoing political drama in the US ahead of its upcoming election has once again brought the SEC and its chairman, Gary Gensler, into the limelight.
As a crypto investor, I’m keeping a close eye on the political landscape in the US, particularly as we approach the upcoming election. The founder of 10X Research, Markus Thielen, has shared his insights that the fate of SEC Chair Gary Gensler could be linked to the results of the 2024 presidential election. He forecasts that Gensler is likely to step down from his role within the first few months of 2025, around January or February.
In his recent post, Thilien delved into historical precedent, noting that SEC chairpersons typically step down when a new president is elected. He expressed his concern that if Donald Trump were to secure another term as president, it could pose a threat to Gensler’s position as head of the agency.
If Bitcoin is to be influenced by a pro-cryptocurrency administration, it’s worth noting that historically, the SEC chair has stepped down when a new presidency takes office. Although SEC Chair Gensler’s term officially ends on June 5, 2026, it’s expected that he will likely resign around January or February 2025.
In the past, J.D. Vance, who was formerly Donald Trump’s running mate, has criticized Gary Gensler for being an unfavorable choice to oversee the cryptocurrency sector. This remark raises speculation about potential conflicts between the Securities and Exchange Commission (SEC) and a potential Trump administration.
The founder of 10X Research is convinced that Trump’s chances of winning the upcoming election have significantly improved now that President Biden has announced his withdrawal. According to him, no formidable opponent exists who can effectively challenge Trump in a head-to-head contest, making it seem like an effortless victory for the former president. He put it this way: “With Biden out of the race, Trump’s path to victory appears smoother as there isn’t a strong contender to pose a significant challenge.”
“Joe Biden’s departure from the US presidential race leaves Donald Trump as the clear front-runner with no significant competition. Consequently, the outcome of the November election seems all but certain, despite the fact that no votes have been cast yet.”
Trump could unexpectedly announce his endorsement of Bitcoin at the Bitcoin Conference in Nashville on July 25, potentially leading to a significant surge in its value if he labels it as a strategic asset.
In an eagerly awaited address in Nashville, President Trump is expected to make an important announcement about Bitcoin. There’s been much buzz that he might declare Bitcoin as a national reserve asset, potentially leading to a dramatic surge in its value.
He advised investors against disposing of their Bitcoin or wagering against it prior to Trump’s address. Moreover, he highlighted that the record-high Bitcoin price of $68,300 signifies an essential benchmark above which Bitcoin would trade following a significant and swift increase in the upcoming months.
Experts Divided on 2024 Election Forecast
Industry experts, including Gary Black, the managing partner at The Future Fund, have expressed disagreement with Thielen’s confident prediction of a Trump victory in the upcoming election. Black, via his X page, cautioned against overconfidence in a Trump landslide win and emphasized that it’s premature to be certain about another term for Trump.
The fate of SEC Chair Gary Gensler’s tenure beyond the upcoming election remains undecided. Yet, the result of the 2024 presidential election holds significant weight in shaping the regulatory landscape for cryptocurrencies in the United States. International observers will closely monitor developments as they unfold in our country.
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2024-07-22 13:25