10x Research recently made a bold statement regarding the potential impact of President Joe Biden’s withdrawal from the 2024 presidential race. According to the firm, this move would pave the way for former President Donald Trump to secure a “decisive victory” in the November election. They go on to assert that no credible candidate stands a chance against Trump, essentially declaring the election outcome without a single vote being cast.
This potential shift in the presidential landscape holds significant implications for both the political arena and the crypto industry. With a pro-crypto administration more likely to take over the White House under a Trump presidency, substantial changes in the Securities and Exchange Commission’s (SEC) leadership are expected. Historically, transitions between administrations have prompted the resignation of the incumbent SEC chair, and 10x Research believes this pattern could repeat under a Trump administration.
Head of research at 10x, Markus Thielen, suggests that in the event of a Trump presidency, SEC Chair Gary Gensler is likely to resign within the first two months of 2025, well before his term officially ends in June 2026. The firm points to past transitions that have followed a similar pattern, with previous SEC chairs resigning due to political pressure. The anticipated leadership changes at the SEC could bring about new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology.
A pro-crypto administration is expected to create a more favorable regulatory framework for digital assets, fostering growth and innovation within the industry. Thielen highlights several bullish catalysts for the crypto market, such as the potential launch of spot Ethereum ETFs and rumors of Trump making a significant announcement at a Bitcoin conference in Nashville on July 25. This announcement could potentially lead to a “parabolic” rise in Bitcoin’s value.
As of the latest update, Bitcoin was trading close to its previous all-time high, with a price of roughly $68,100. The cryptocurrency market as a whole is valued at $2.46 trillion, with a 24-hour trading volume of $90.1 billion. Bitcoin dominance currently stands at 54.50%, indicating its strong position within the market.
The potential impact of a Trump administration on the cryptocurrency industry is significant. With the likelihood of a pro-crypto regulatory environment, investors and industry insiders are keeping a close eye on future developments and announcements that could shape the market’s trajectory. As the political landscape continues to evolve, the crypto industry is poised for growth and innovation under the leadership of a pro-crypto administration.