Bitcoin is nearing $100,000 following news that anti-virtual asset leader Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), has resigned.
As of 9:00 AM on the 22nd, Bitcoin recorded 137.27 million won on Upbit, a domestic virtual asset exchange. It is being traded at 137.38 million won on Bithumb. On CoinMarketCap, a virtual asset market relay site, it was at $98,497. It even rose to $98,500 during the day.
At the same time, Ethereum, the second largest market cap, recorded 4.68 million won on Upbit and 4.68 million won on Bithumb. It was traded at $3,361 on CoinMarketCap.
According to the SEC on the 21st (local time), Chairman Gensler said, “I will step down from my position on January 20th of next year,” and “The staff and the committee have worked tirelessly to protect investors, support capital raising, and ensure market efficiency.” He added, “It has been a great honor in my life to be able to serve to ensure that the U.S. capital market remains the best in the world.”
January 20th is the inauguration of President-elect Donald Trump and the start of the second Trump administration. President-elect Trump, who calls himself the “virtual asset president,” has criticized Chairman Gensler’s regulatory policies during this presidential election and promised to fire Chairman Gensler on his first day in office. Chairman Gensler’s announcement of his resignation in a statement is also interpreted as a result of reflecting President-elect Trump’s pledge.
There is even a sense in the market that he should resign immediately rather than waiting for President-elect Trump to take office until January of next year. Chairman Gensler, who took office as SEC head in April 2021, is a figure who has provoked backlash from the industry by pushing for crackdowns and strong regulations on the virtual asset industry. He served as Assistant Secretary for Domestic Finance at the Treasury Department from 1997 to 2001. He served as Chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014.
Candidates for the next SEC chairman include people who are friendly to virtual assets, such as Robinhood Chief Legal Officer Dan Gallagher, former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, and SEC Commissioner Hest Pierce.
