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Trump’s running mate J.D. Vance said that Gensler is the worst person to be in charge of the cryptocurrency industry.
Amid the ongoing political drama in the US ahead of its forthcoming election, 10X Research founder Markus Thielen has predicted that the future of the Securities and Exchange Commission (SEC) Chair Gary Gensler could be tied to the outcome of the 2024 presidential election. He said that the SEC chairman would most likely resign within January/February 2025.
Thilien, in his post, went down to the history lane, pointing out that SEC chairs usually leave when a new president takes over. He opined that If former President Donald Trump wins, it would be terrible for Gensler’s role as head of the agency. He stated:
“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.”
Previously, Trump’s running mate, J.D. Vance said that Gensler is the worst person to be in charge of the cryptocurrency industry, which suggests there could be a conflict between the SEC and a Trump-led government.
The 10X Research founder believes that with President Biden withdrawing from the forthcoming election, the odds are now more in favor of Trump, stating that there isn’t a credible candidate that can go head-to-head against the former president, making it an easy win for Trump. He said:
“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 added that Donald Trump may make a surprise announcement about BTC at the upcoming Bitcoin Conference in Nashville on July 25. He believes Trump might declare Bitcoin as a strategic asset that could trigger the BTC to experience a parabolic rise.
“President Trump is set to deliver a highly anticipated speech in Nashville. Speculation is high that he will announce Bitcoin as a strategic reserve asset, which could trigger a parabolic rise in Bitcoin’s price,” he wrote.
However, he warned investors against selling their BTC or betting against it before Trump’s speech; he further mentioned that Bitcoin’s highest price of $68,300 is an important level above which BTC would trade after a sudden rapid rise in the coming months.
Experts Divided on 2024 Election Forecast
Some industry experts have contradicted Thielen’s bold prediction about Trump winning the upcoming election. Gary Black, managing partner at The Future Fund, posted on his X page that people who believe that Trump would have a landslide win are getting ahead of themselves. He further stated that it is too early to be firmly convinced that Trump is coming in for the second term.
The future of Chair Gary Gensler as SEC chairman after the election is still uncertain. However, the outcome of the 2024 presidential election will have a big impact on how the cryptocurrency industry is regulated in the United States; other nations will also be watching with keen interest what will become of crypto in the US.
