SEC Chair Gary Gensler, who led US crackdown on cryptocurrencies, to step down

Published On Nov 21, 2024, 1:32 PM

Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC) known for his strict regulations on the cryptocurrency market, has announced he will step down on January 20, coinciding with President-elect Donald Trump's inauguration. Gensler's tenure saw significant regulatory changes, particularly in the crypto space, and his departure could signal a shift in the regulatory landscape for cryptocurrencies. The news has already influenced the price of Bitcoin, which rose 40% following Trump's victory.

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If the new administration relaxes regulations on cryptocurrencies, this could encourage investments in various crypto-related stocks and ETFs, fostering growth in the sector. Investors may look towards companies like Coinbase which benefits directly from increased trading volume.

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