10X Research founder Markus Thielen predicts that the US Securities and Exchange Commission (SEC) Chairperson Gary Gensler will probably resign in the first quarter of 2025.
This development emerged as US President Joe Biden opted to withdraw from the 2024 presidential race. Biden was already trailing behind Donald Trump with a long margin in the re-election odds.
SEC Chair Gensler can be next to resign
According to the latest report published by 10X Research, the SEC chair usually resigns when a new administration comes into office. Joe Biden dropping out of the Presidential race left no chance for any credible candidate to challenge Donald Trump.
It mentioned that the November election seems to be decided without a single vote being cast. A pro-crypto administration will enter the White House which is a positive sign for the market. As it goes, the SEC chair resigns when a new administration gets elected. Gensler’s term is stated to end on June 5, 2026, but it is expected that he will resign by January or February 2025.
Also Read: Gensler could remain at SEC under a Trump presidency, crypto lawyer says
There have been similar kinds of instances where the SEC chair stepped down from their position when a new administration came in. Mary Jo White, the SEC Chair appointed by US President Barack Obama, served on the commission from April 2013 to January 2017. She filed her resignation in November 2016 after Donald Trump was elected.
Similarly, Christopher Cox was appointed by President George W. Bush as SEC Chair from August 2005 to January 2009. He went on to resign when Obama took office.
Donald Trump maintains the lead
After bowing out of the race, Biden endorsed Kamala Harris as his replacement. Data provided by the Polymarket shows that this move might have hurt Trump’s chances to regain power in the house but it has boosted Kamala’s odds Highly. Trump winning the election possibility stands at 64% while Kamala is holding 29% odds.
Source: Polymarket
Markus Thielen in the report highlighted that this week is fully packed with events that can easily move the market. He stated that rumors say that the Commission may settle a long running major case. Trump is also set to deliver a much anticipated speech in Nashville.
He speculates that by moving ahead with a long lead in the presidential election race, Trump will announce Bitcoin as a strategic reserve asset. Any such announcement would trigger a parabolic rise in BTC’s price, leading it to breach previous all-time highs.
Also Read: Bitcoin crosses $67,000 – Selling pressure disappears
Bitcoin recorded a very happening last week as it again attained the $68,000 mark. Since then it has registered a marginal correction to hold on to the $67,300 price level. BTC price is up by over 7% in the last 7 days with selling pressure reducing among investors. The biggest crypto is trading at an average price of $67,294, at press time.
