'Virtual Currency Grim Reaper' US SEC Chair "Resigns on Trump's Inauguration Day"... Bitcoin Nears $100,000

Chairman Gensler "Resignation on January 20 Next Year"
Bitcoin Surges on Expectations of Pro-Cryptocurrency Policies

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC) known as the "grim reaper of cryptocurrency," announced that he will resign on the inauguration day of President-elect Donald Trump, who has signaled a pro-cryptocurrency policy. Following the news of his resignation, Bitcoin, the leading cryptocurrency, continued its upward trend and is now on the verge of surpassing $100,000.

Chairman Gensler stated in a press release on the 21st (local time), "I will step down from my position on January 20th next year." Although his term runs until 2026, he decided to resign on January 20th, the first day of the second Trump administration, following the customary practice of stepping down with the change of administration.

Gensler reflected, "The staff and the commission have worked diligently to protect investors, support capital formation, and improve market efficiency," adding, "It has been a great honor in my life to serve to ensure that the U.S. capital markets remain the best in the world."

Since becoming SEC chairman in April 2021, he has strengthened regulations and crackdowns on the cryptocurrency industry. President-elect Trump, who has indicated a pro-cryptocurrency stance, criticized Gensler’s regulatory approach during his presidential campaign and vowed to dismiss him if he won.

Candidates for SEC chairman under Trump’s second term include Dan Gallagher, Chief Legal Officer of Robinhood; Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC); and Hester Peirce, current SEC commissioner. All are known to be friendly toward cryptocurrencies.

In addition, Trump’s transition team is reportedly considering establishing a dedicated cryptocurrency position within the White House. They are discussing appointing a small group of aides to coordinate communication among Congress, the White House, SEC, CFTC, and other related agencies. It remains unclear whether this role will be a senior White House aide or a "control tower" overseeing government-wide policy.

Following the announcement of Gensler’s resignation, Bitcoin prices continued to rise, eyeing the $100,000 mark. According to Coinbase, a U.S. cryptocurrency exchange, as of 3:08 p.m. Eastern Time on the same day, Bitcoin was trading at around $98,498, up 4.58% from the previous day.