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SEC Chairman Gary Gensler May Resign After Trump’s Victory

The US Securities and Exchange Commission (SEC) may soon have a new chairman after Donald Trump’s expected victory in the presidential election, according to Markus Thielen, CEO of 10x Research. Based on historical precedent, Gary Gensler is likely to step down in the near future to accommodate the change in administration.

Previously, Jay Clayton, who was appointed by Trump, resigned before Joe Biden took office. Similarly, Mary Jo White, who was chosen by Barack Obama, also resigned on the day Trump took office. Thielen said this practice allows the new president to appoint a chairman who aligns with their policy goals. If this trend continues, Gensler could step down in December or January, and the new SEC chairman could be confirmed around April or May.

Appointed by Biden in 2021, Gensler has led the SEC in its crackdown on cryptocurrency exchanges, decentralized finance projects, and software developers in the United States. According to a report from the Blockchain Association (BA), the SEC has inflicted $426 million in losses on crypto companies under Gary Gensler.

Donald Trump and his promise to the crypto market

Donald Trump has made no secret of his intention to reform the cryptocurrency policies of the US Securities and Exchange Commission (SEC). He has repeatedly stated that if elected, he would fire Gensler, pledging to bring a fresh start to crypto startups in the US.

Thielen believes that if Trump delivers on his promise, a new SEC chairman will likely favor innovation and growth in the cryptocurrency space, rather than focusing too much on strict regulatory compliance.

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