- Gensler’s resignation to come in the first quarter of 2024
- Gensler will find it difficult to function under a Donald Trump presidency
- Many experts have predicted that the withdrawal of Biden from the presidential election race will impact the market positively
The chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, will likely resign after President Joe Biden’s tenure. This is according to the founder of 10x Research, Markus Thielen.
Recall that On Sunday, July 21, 2024, the president of the United States, Joe Biden, announced that he was dropping out of the November 2024 presidential election race. This means he would not have a chance to be elected for a second term, and the acclaimed rematch with the Republican Party nominee and former president Donald Trump will no longer hold.
According to Thielen, Gensler's likely resignation will be within the first quarter of 2025 after Biden’s tenure at the White House.
In a July 21 report, the 10x Research founder explained that it will be difficult for Gensler to function under a Donald Trump presidency given the open support Trump has given to crypto and the expected impact his presidency would have on the market.
The withdrawal of Biden from the presidential race is an advantage to Trump and adds to the possibility of a Trump presidency in 2025 –– which will be a disaster for Gensler.
“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. For Bitcoin, a pro-crypto administration will enter the White House,” he wrote. “Despite SEC Chair Gensler’s term ending on June 5, 2026. He will most likely resign by January/February 2025.”
Thielen brought examples from the past to buttress his argument: “Appointed by President Obama, Mary Jo White served as SEC Chair from April 2013 to January 2017. She resigned in November 2016 after Trump was elected, marking the shift from a Democratic to a Republican administration. President George W. Bush appointed Christopher Cox as SEC Chair from August 2005 to January 2009. He resigned as Obama took office, transitioning from a Republican to a Democratic administration.”
Eyes are on the US political space as November draws near. Many experts have predicted that the withdrawal of Biden from the presidential election race will impact the market positively, but Thielen said that other factors may impact the market in the coming weeks as well. For example, Trump is likely to make a shocking announcement at the Bitcoin conference in Nashville on July 25, according to “multiple reports and rumors,” he said. And that will impact the market.
How hackers stole more than $230 million from crypto exchange WazirX in hours
Meanwhile, TheRadar earlier reported that recently, an Indian cryptocurrency exchange, WazirX, was cyber-attacked and more than $230 million was stolen by the attackers. Speculation had spread about what actually happened and why the breach was so easy for the attackers. Now, the exchange has opened up about what exactly transpired and what the next steps are for the company.
In an X post, the exchange described the attack as unfortunate and stated its commitment to transparency and community welfare.
