Donald Trump’s victory in the US Presidential election 2024 has sparked speculations over the potential future of the US SEC Chair Gary Gensler. A recent report hints that the agency’s Chair could resign as soon as this year, further fueling discussions. Besides, it also aligns with the previous commitment of the former US President, where he said that he would fire Gensler on his first day in office.
When Is US SEC Chair Gary Gensler Likely To Resign?
A recent 10X Research report, a top analytics firm, suggests that US SEC Chair Gary Gensler may step down in the coming December or January, following the tradition of SEC chairs resigning when a new president takes office. This practice allows the incoming administration to appoint a chair aligned with their agenda.
For instance, Jay Clayton, appointed by Trump in his previous tenure, left in December 2020, paving the way for Gensler’s confirmation under Biden in April 2021. Similarly, Mary Jo White, appointed by Obama, resigned on the day of Trump’s 2017 inauguration, though her replacement took office in May.
Considering that, if the same timeline applies, Gensler’s departure could occur within months, with a new chair potentially confirmed by spring 2025. Besides, the report’s timeline aligns with Trump’s previous campaign statements, where he expressed his intent to remove Gensler.
Meanwhile, Gensler’s departure would likely enable Trump to select a chair more supportive of crypto—a move eagerly awaited by many in the industry. Notably, the report’s implication of Gensler’s resignation has sparked market optimism, with some experts predicting that his replacement might adopt a more constructive approach to crypto regulation.
Donald Trump’s Victory Sparks Crypto Market Optimism
The crypto community has often viewed Gensler as a restrictive figure, given his history of SEC enforcement actions against various crypto firms. Having said that, the anticipation of a pro-crypto SEC chair under Trump has already begun to impact the market.
Bitcoin price recently surged to an ATH, with experts forecasting further gains. A recent report hints that BTC could target the $100K next with Trump’s victory in the US election. Notably, analysts suggest this bullish sentiment is partly driven by hopes for a regulatory shift.
In addition, Trump’s vocal support for the crypto sector during his campaign fueled further market optimism. Under Gensler’s tenure, the SEC has faced criticism from crypto advocates, who argue that strict enforcement actions stifle innovation. Trump’s potential influence on the next SEC chair is expected to bring a more balanced regulatory stance that could spur industry growth.
Meanwhile, a new SEC leader could mean clearer guidelines and fewer enforcement actions against digital assets. Besides, many in the digital assets space anticipate the agency to turn crypto-friendly and drop crypto lawsuits under the new administration.
The post Here’s When US SEC Chair Gary Gensler May Resign: Report appeared first on CoinGape.
