Biden

Joe Biden

Gary

Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC), is expected to resign by early 2025, as per&nbsp;<a style="text-decoration:none" href="https://mail.10xresearch.co/p/bitcoin-another-alltime-high-attempt-going-parabolic">10x Research</a>.&nbsp;
10x Research's latest analysis suggests that with President Joe Biden stepping down from the presidential race, the political climate is set for a dramatic change. The firm’s founder, Markus Thielen, anticipates that Donald Trump, who seems likely to win the upcoming election due to the lack of a strong opposition, will likely take office in January 2025.&nbsp;
&nbsp;
Despite Gensler's term extending until June 5, 2026, the speculation is that he will step down in January or February 2025, aligning with the transition to a new presidential administration.
&nbsp;
Thielen’s report points out that historically, a new administration in the White House often leads to changes in key regulatory positions, including the SEC Chair.&nbsp;
<h2 dir="ltr" id="span-span-implications-for-the-cryptocurrency-market-span-span">Implications for the Cryptocurrency Market</h2>
The prospect of a pro-crypto administration under Trump is seen as a positive development for digital assets. The report also highlights potential bullish catalysts for Bitcoin and other cryptocurrencies.&nbsp;
&nbsp;
Thielen notes that rumors and reports suggest Trump might make a major announcement at the upcoming Bitcoin conference in Nashville, Tennessee, scheduled for July 25.
&nbsp;
The 10x Research founder &nbsp;warns investors to remain cautious, as Bitcoin could experience a "parabolic move" in the coming months, with its previous all-time high of $68,300 potentially serving as a new benchmark.&nbsp;
<h2 dir="ltr" id="span-span-sec-s-regulatory-challenges-span-span">SEC’s Regulatory Challenges</h2>
Amid these speculations, the SEC faces mounting scrutiny from various states challenging its regulatory authority over cryptocurrencies. Recently, seven U.S. states—including Iowa, Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma—filed an amicus brief opposing the SEC’s attempt to regulate digital assets.&nbsp;
&nbsp;
The coalition argues that the SEC’s actions exceed its statutory authority and threaten to stifle innovation within the cryptocurrency industry.
&nbsp;
<blockquote>
 “The Biden SEC is attempting to abuse its power and put itself in charge of regulating cryptocurrency, bypassing state consumer-protection laws,” the Iowa Attorney General’s Office stated.
</blockquote>
&nbsp;
The brief contends that the SEC’s approach constitutes a “power grab” that undermines state-level efforts to regulate and protect consumers. It also asserts that Congress did not grant the SEC explicit power to regulate cryptocurrencies, and the SEC’s actions violate the Administrative Procedure Act and the Major Questions Doctrine.

SEC Chairman Gary Gensler May Resign as Trump Readies for 2025 Presidential Term

Table of Contents

BSCN

Other articles published on Jul 26, 2024

Swiss Financial Regulator Issues New Guidance on Stablecoins

61K Bitcoin Options and 490K Ethereum Options Expired Today

Ethereum Classic News: Can ETC Price Reach $50?

BlackRock Sees Low Demand for Other Cryptos Other Than Bitcoin and Ethereum

Crypto News: Crypto Market Rebound Strongly After Market Dip

Russia Removes Ban on Cryptocurrency Transactions and Private Mining

Join our free newsletter for daily crypto updates!