Recently, 10x Research made a bold statement regarding President Joe Biden’s withdrawal from the 2024 presidential race. According to the firm, former President Donald Trump is now poised to secure a “decisive victory” in the upcoming November election. 10x Research went as far as to claim that no credible candidate stands a chance against Trump, essentially stating that the election outcome has been predetermined. This prediction has far-reaching implications not only for the political landscape but also for the crypto industry.
One of the key points raised by 10x Research is the potential for significant changes in the leadership of the Securities and Exchange Commission (SEC) under a Trump administration. Historically, transitions between administrations have often led to the resignation of the incumbent SEC chair. 10x Research’s head of research, Markus Thielen, suggested that SEC Chair Gary Gensler could be likely to resign within the first two months of 2025 if Trump were to assume office. Thielen pointed to past instances where political pressure had forced SEC chairs Mary Jo White, Christopher Cox, and Harvey Pitt to step down before the end of their terms. The notion of Gensler’s departure under a Trump presidency stems from the administration’s pro-crypto stance, as highlighted by Trump’s running mate, J.D. Vance’s criticism of Gensler’s approach to crypto regulation.
A change in leadership at the SEC could usher in new perspectives and policies concerning the oversight of cryptocurrencies and blockchain technology. A pro-crypto administration is expected to create a more favorable regulatory environment for digital assets, fostering growth and innovation within the industry. Thielen emphasized several positive catalysts for the crypto market, such as the possible introduction of spot Ethereum ETFs and rumors surrounding Trump’s upcoming appearance at a Bitcoin conference in Nashville. Industry insiders have speculated that Trump might endorse Bitcoin as a strategic reserve asset at the conference, addressing some of the regulatory hurdles faced by the industry. Thielen believes that such an announcement could trigger a “parabolic” surge in Bitcoin’s value and warned investors against prematurely cashing out or shorting BTC before Trump’s speech.
As of the latest data from CryptoSlate, Bitcoin was trading at around $68,100, up 1.1% in the past hours and close to its previous all-time highs. Bitcoin remains the top-ranked cryptocurrency by market capitalization, boasting a value of $1.34 trillion and a 24-hour trading volume of $43.71 billion. The total cryptocurrency market is estimated to be worth $2.46 trillion, with a 24-hour volume of $90.1 billion and Bitcoin’s dominance standing at 54.50%. These figures indicate the ongoing strength and resilience of the crypto market amidst the political and regulatory uncertainties highlighted by 10x Research.
