SEC chair known for cryptocurrency regulations announces resignation

The price of Bitcoin surpassed $99,000 for the first time on Friday, edging closer to the $100,000 milestone. This sharp rise came after the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, known for his tough stance on cryptocurrencies, announced that he would step down in January when President-elect Donald Trump assumes office.

According to cryptocurrency information platform CoinMarketCap, Bitcoin reached an intraday high of $99,314.95 before settling at $98,905.87 as of 3:30 p.m. on Friday. The cryptocurrency, which had been fluctuating around the $94,000 mark until the previous day, surged by more than five percent in a single day, signaling an imminent break past $100,000.

Gensler’s resignation announcement triggered the sudden surge. Since taking office in April 2021, Gensler has spearheaded regulatory measures impacting the cryptocurrency market, earning him the nickname "crypto grim reaper." His tenure included lawsuits against exchanges like Binance and delays in approving Bitcoin and Ethereum exchange-traded funds (ETFs), citing their "high volatility."

During his campaign, President-elect Trump criticized Gensler's policies and pledged to remove him immediately upon taking office. Investors now anticipate that the incoming Trump administration will implement more cryptocurrency-friendly policies, particularly following Gensler's decision to step down.

Potential candidates for the next SEC chair include Dan Gallagher, Chief Legal Officer of Robinhood, Christopher Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC), and Hester Peirce, current SEC Commissioner—all of whom are considered pro-cryptocurrency figures.


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