The latest report from 10X Research suggests that Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), may resign by 2025 if current U.S. President Joe Biden exits the 2024 presidential race leading to a change in administration. Historically, federal regulators tend to resign when a new administration takes office, which could have significant implications for the cryptocurrency space. If Republican nominee Donald Trump wins the election, Gensler is likely to resign by January or February 2025, according to the report.
President Joe Biden recently announced that he would not seek re-election and endorsed Kamala Harris as the nominee for the Democratic Party. However, Harris still needs to secure her party’s nomination ahead of the November elections. The open primary leaves room for other politicians to challenge her for the position. The outcome of the 2024 election will be critical for the future of cryptocurrency regulation, as Trump has historically shown a more favorable stance on digital asset regulation compared to Biden and Harris who lean towards increased scrutiny in the blockchain sector.
Speculation is high that Trump, known for his openness towards cryptocurrency, could make a significant announcement related to digital assets at the Bitcoin Conference 2024 in Nashville. There is a possibility that he might declare Bitcoin as a strategic reserve asset, potentially triggering a sharp increase in Bitcoin’s price. The excitement within the crypto community surrounding Trump’s appearance at the event has led to high-profile ticket prices reaching as much as $844,600. With Biden’s unexpected withdrawal from the race, the upcoming election cycle has become even more unpredictable, with the outcome shaping the future trajectory of the crypto industry, especially in terms of regulation.
