WEB3
by BSC News
July 22, 2024
Thielen’s analysis suggests that Gensler’s resignation could coincide with a shift toward a more cryptocurrency-friendly administration under Trump.
Gary Gensler, the current Chairman of the U.S. Securities and Exchange Commission (SEC), is expected to resign by early 2025, as per 10x Research.
10x Research's latest analysis suggests that with President Joe Biden stepping down from the presidential race, the political climate is set for a dramatic change. The firm’s founder, Markus Thielen, anticipates that Donald Trump, who seems likely to win the upcoming election due to the lack of a strong opposition, will likely take office in January 2025.
Despite Gensler's term extending until June 5, 2026, the speculation is that he will step down in January or February 2025, aligning with the transition to a new presidential administration.
Thielen’s report points out that historically, a new administration in the White House often leads to changes in key regulatory positions, including the SEC Chair.
The prospect of a pro-crypto administration under Trump is seen as a positive development for digital assets. The report also highlights potential bullish catalysts for Bitcoin and other cryptocurrencies.
Thielen notes that rumors and reports suggest Trump might make a major announcement at the upcoming Bitcoin conference in Nashville, Tennessee, scheduled for July 25.
The 10x Research founder warns investors to remain cautious, as Bitcoin could experience a "parabolic move" in the coming months, with its previous all-time high of $68,300 potentially serving as a new benchmark.
Amid these speculations, the SEC faces mounting scrutiny from various states challenging its regulatory authority over cryptocurrencies. Recently, seven U.S. states—including Iowa, Arkansas, Indiana, Kansas, Montana, Nebraska, and Oklahoma—filed an amicus brief opposing the SEC’s attempt to regulate digital assets.
The coalition argues that the SEC’s actions exceed its statutory authority and threaten to stifle innovation within the cryptocurrency industry.
“The Biden SEC is attempting to abuse its power and put itself in charge of regulating cryptocurrency, bypassing state consumer-protection laws,” the Iowa Attorney General’s Office stated.
The brief contends that the SEC’s approach constitutes a “power grab” that undermines state-level efforts to regulate and protect consumers. It also asserts that Congress did not grant the SEC explicit power to regulate cryptocurrencies, and the SEC’s actions violate the Administrative Procedure Act and the Major Questions Doctrine.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Related News
Latest News
4h : 36m ago
Aptos Welcomes Brevan Howard, BlackRock, and Hamilton Tokenized Funds by Libre
7h : 36m ago
Magic Eden Launches New US Domain, Separates Services for US and International Users
9h : 21m ago
Pavel Durov Criticizes French Authorities Over Telegram Charges, Hints at Market Withdrawals
12h : 36m ago
Changpeng Zhao Permanently Barred from Binance Management But Retains Power: Binance CEO
September 5, 2024
What is SNAXchain by Synthetix?
September 5, 2024
Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps
September 5, 2024
Injective Launches World’s ‘First Ever’ Tokenized Index for BlackRock's BUIDL Fund
September 5, 2024
ApeCoin Launches BluePrint Initiative to Enhance ApeChain with New Tools and Content
More News