Securities and Exchange Commission (SEC) Chairman Gary Gensler is set to step down in early 2025 amid broader political shifts including Joe Biden's withdrawal from the 2024 presidential race.
Reported by 10x Research, the resigned Biden has shown that there is no viable candidate to challenge Donald Trump and even the surprising action has strengthened the bets on the potential victory of the former US President in the next election.
This is because historically, new administrations often lead to changes in key regulatory positions, for example Mary to White resigned as SEC Chairman after Trump's election in 2016.
Markus Thielen, founder of 10x Research highlighted several bullish indicators for the crypto market including rumors that Trump may announce BTC as a strategic reserve asset at the upcoming BTC conference in Nashville.
He also advised investors not to sell or short BTC before Trump's speech as the price of BTC is expected to surpass its previous all-time high soon.
It is widely known that Gary Gensler's expected resignation as SEC Chairman in early 2025 is in line with broader political and market dynamics that have been increasingly volatile of late.
A potential shift toward a pro-crypto administration under Trump could herald significant changes in the regulatory landscape including far-reaching implications for crypto markets.