Gary Gensler to step down as SEC chairman on Trump's inauguration day

Today (11/22/2024), the Crypto market witnessed a shocking event as Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), officially announced that he will resign on 01/20/2025 - coinciding with the inauguration of the new U.S. President Donald Trump. ## Chris Giancarlo - "Crypto Dad" expected to replace According to sources, the potential successor for the SEC chairman position is Chris Giancarlo, the former chairman of the U.S. Commodity Futures Trading Commission (CFTC). With a Crypto-friendly stance and the nickname "Crypto Dad", Chris Giancarlo is seen as a fresh breeze for the Crypto industry, in contrast to Gary Gensler's strict approach. In the past, Giancarlo had stated in Congress that the U.S. should not ban Crypto but rather create conditions for the industry to develop. This view has been proven when the price of Bit (BTC) increased more than 6 times within 2 years, from the Dip of $16,000 to the current peak near $99,000. ## Bit (BTC) sets a new record and the explosion of Altcoins According to data from CoinGecko, Bit (BTC) is currently trading around $98,400, up nearly 4% in the past 24 hours, with a market Capital of nearly $1.95 trillion. The trading volume over the past day reached $118.5 billion, indicating strong investor interest. After the news of Gary Gensler's resignation, major coins such as XRP (Ripple), SOL (Solana) and ETH (Ethereum) have increased strongly by 10% - 20%. The main reason is the expectation that the legal policy towards Crypto under the new chairman will be more favorable, paving the way for the development of these coins. In addition, experts predict that ETF applications for coins like SOL, XRP, ADA, and HBAR may be approved as early as the beginning of 2025. ## Gary Gensler's legacy at the SEC Despite his strict views on Crypto, Gary Gensler has also left significant marks: 1. Approval of Crypto ETFs: - Spot Bit (BTC) ETF in January 2024. - Spot ETH ETF in July 2024. 2. Investor protection: He has led efforts to protect investor rights and improve the efficiency of SEC operations. In a post on X (Twitter) on 11/22, Gary Gensler shared that working at the SEC has been "the honor of a lifetime" and thanked President Joe Biden and his colleagues for their support during his tenure. ## Bit (BTC) Industrial Complex reaches record trading volume On the same day, a record trading volume of $70 billion was recorded on the "Bit (BTC) Industrial Complex" - including all Bit (BTC)-related stocks on the U.S. stock market. - MicroStrategy (MSTR): MSTR stock of MicroStrategy recorded a spike in trading volume but declined more than 25% this morning. ## Conclusion Gary Gensler's resignation and the potential for Chris Giancarlo to take over the SEC chairmanship have created high expectations for the Crypto industry. This event not only pushed the price of Bit (BTC) close to the $99,000 peak but also helped Altcoins surge strongly, reflecting investors' expectations for a more open legal policy in the future. While there are still concerns about sustainability, with the support of new leaders, Crypto is facing an opportunity for stronger development than ever before.