The fate of the current SEC chair, Gensler, might be decided by the outcome of the 2024 US presidential election.
Markus Thielen, the founder of 10X Research, has foreseen that the destiny of Securities and Exchange Commission (SEC) Chair Gary Gensler may be contingent upon the results of the 2024 presidential election amid the ongoing political turmoil in the United States before the upcoming election. He stated that it was highly probable that the chairman of the Securities and Exchange Commission (SEC) would resign in January or February of 2025.
Thilien, in his post, delved into the past, noting that SEC chairpersons typically depart when a new president assumes office. He expressed his belief that the fate of Gensler as the agency’s leader would be adversely affected if former President Donald Trump secured the presidency. He declared:
“For Bitcoin, a pro-crypto administration will enter the White House. Historically, this meant that the SEC chair resigned when a new administration was elected, despite SEC Chair Gensler’s term ending on June 5, 2026. He will most likely resign by January/February 2025.”
J.D. Vance, Trump’s running companion, previously stated that Gensler is the most unsuitable individual to oversee the cryptocurrency industry. This implies that there may be a conflict between the SEC and a Trump-led government.
According to the founder of 10X Research, the prospects are now more favorable for Trump due to President Biden’s withdrawal from the upcoming election. He argues that no credible candidate can compete head-to-head with the former president, rendering it an effortless victory for Trump. He stated:
“With Joe Biden dropping out of the US Presidential race, no credible candidate can seriously challenge Donald Trump. The November election appears to have been decided without a single vote.”
He also mentioned that Donald Trump may make a surprise announcement regarding BTC at the Bitcoin Conference in Nashville on July 25. He anticipates that Trump may designate Bitcoin as a strategic asset, which could result in a parabolic increase in the price of BTC.
“President Trump is scheduled to deliver a speech in Nashville that is eagerly anticipated.” He wrote, “There is considerable speculation that he will designate Bitcoin as a strategic reserve asset, which could result in a parabolic increase in its price.”
Nevertheless, before Trump’s speech, he cautioned investors against selling their BTC or betting against it. He also noted that Bitcoin’s peak price of $68,300 is a critical threshold above which BTC would trade following a sudden, rapid increase in the future months.
The 2024 election forecast is a topic of disagreement among experts
Certain industry professionals have refuted Thielen’s audacious prediction regarding Trump’s victory in the forthcoming election. On his X page, Gary Black, managing partner at The Future Fund, stated that individuals who anticipate that Trump will secure a decisive victory are prematurely optimistic. Furthermore, he declared that it is premature to conclude that Trump will seek a second term.
Chair Gary Gensler’s status as SEC chairperson following the election must be clarified. Nevertheless, the 2024 presidential election will significantly influence the regulation of the cryptocurrency industry in the United States. Other countries will also be closely monitoring the developments in the US about crypto.
