10x Research said Chairman Joe Biden’s withdrawal from the 2024 presidential race would make this possible former President Donald Trump to secure a “decisive victory” in the November elections.
According to the company:
“No credible candidate can seriously challenge Donald Trump. It appears that the November elections were decided without a single vote.”
10x believes that this shift has significant implications for both the political landscape and the crypto industry, as it is more likely that a pro-crypto administration will take over the White House, potentially leading to substantial changes in leadership the Securities and Exchange Commission (SEC).
Change in leadership at the SEC
10x head of research Markus Thielen said that historically, transitions between administrations have led to the resignation of the incumbent SEC chairman.
Thielen believes the cycle could repeat itself under the Trump administration, with SEC Chairman Gary Gensler likely to resign within the first two months of 2025 – well before his term officially ends on June 5, 2026.
He pointed to previous transitions that have shown this pattern, including Mary Jo White, Christopher Cox and Harvey Pitt – all of whom resigned before their terms were up due to political pressure.
Thielen said a Trump presidency would likely end Gensler’s role as head of the SEC, given the administration’s pro-crypto stance. In February, Trump’s running mate, JD Vance, criticized Gensler as the “worst person” to regulate crypto, citing a backward approach to crypto policy.
Changes in leadership at the SEC could bring new perspectives and policies regarding the supervision of cryptocurrencies and blockchain technology. It is expected that a pro-crypto administration will promote a more favorable regulatory framework for digital assets, leading to growth and innovation within the sector.
Bullish catalyst
Thielen highlighted several bullish catalysts for the crypto market this week, including the potential launch of spot Ethereum ETFs, as well as “multiple reports and rumors” about Trump making a surprise announcement at the Bitcoin conference in Nashville on July 25.
Industry insiders claim that Trump could endorse Bitcoin at the conference as a strategic reserve and address some of the regulatory challenges facing the sector.
Thiele believes such an announcement will be the catalyst for a “parabolic” rise in Bitcoin’s value. He warned investors against taking profits or shorting BTC before Trump’s speech, suggesting Bitcoin’s previous bull market high of $68,300 could be a key level for future price action.
Bitcoin was trading at around $68,100 at the time of writing – up 1.1% in the past few hours – hovering close to its previous all-time highs, based on data from CryptoSlate.
Bitcoin Market Data
At the time of going to press 21:28 UTC on July 22, 2024Bitcoin is number 1 in terms of market capitalization and so is its price upwards 0.1% in the last 24 hours. Bitcoin has a market capitalization of $1.34 trillion with a 24-hour trading volume of $43.71 billion. Learn more about Bitcoin ›
Summary of the crypto market
At the time of going to press 21:28 UTC on July 22, 2024the total crypto market is valued at € $2.46 trillion with a 24-hour volume of $90.1 billion. Bitcoin’s dominance currently stands at 54.50%. Learn more about the crypto market ›
