Gary Gensler, the head of the US Securities and Exchange Commission (SEC), which also regulates the cryptocurrency market, announced his resignation on Thursday. Earlier, Donald Trump announced that he would fire him on his “first day” in office.
Gensler announced that he will resign from the position of head of the SSC on January 20, the day of the inauguration of the new president. Trump, who championed the tech sector during the election campaign, vowed not only to fire Gensler, but also to order the government to hoard billions of dollars in bitcoin in the federal reserve. He also announced that he would make the US “the cryptocurrency capital of the world and the Bitcoin superpower.”
The current head of the SEC has been in trouble with the cryptocurrency sector as he has tried to regulate it. The US Securities and Exchange Commission fears that without serious oversight, the tactics of such companies could lead to a speculative bubble that would lead to a crisis similar to the one in 2008.
Also read: Bitcoin is riding a wave of euphoria
The value of bitcoin is increasing
Trump has promised to ease regulations governing the cryptocurrency market. Since his victory in the election, the value of bitcoin has increased by almost 35%. – AFP reported on Thursday. – Steven Innes, an analyst at SPI Asset Management, told the agency that bitcoin is advancing to a staggering value of around $100,000, (…) speculators are mobilizing and increasing this frenzy.
“The high-tech and cryptocurrency sector's high stakes and political ambitions are holding Washington hostage,” says Fortune magazine.
Businesses specializing in cryptocurrencies are responsible for nearly half of the corporate donations that have supported the 2024 election campaign through so-called super PACs, and the entire tech sector is now one of the most important business political sponsors in America.
On Wednesday, Bloomberg reported that the president-elect's team is considering creating a new position at the White House focused solely on cryptocurrency policy.
Main image source: Shutterstock
