Former SEC Official Anticipates Resignation of Gary Gensler

The Securities and Exchange Commission (SEC) of the US could see a drastic change in its leadership. Provided, the 2024 elections pave the way for it. The former SEC official, John Reed Stark believes that the table will turn the Republican party gains power. On August 13, 2023, he shared a tweet giving an insight into his prediction.

Regime Change Affecting the Course of Crypto

The propensity of the Republic party towards crypto favors his predictions too. Anyone following the news from the US will know that Republicans totally support digital assets. He said the change in regime can cause the resignation of the incumbent Gary Gensler. A number of Republican candidates are vying for the presidential candidature. The erstwhile president Donald Trump remains the most popular among them.

Florida Governor Ron de Santis, and South Carolina Senator, Tim Scott are closely following him. According to Stark, if a Republic candidate gets elected, they’ll certainly bring Hester Peirce on the SEC top chair. Notably, Peirce is a big advocate of crypto and is also known as “Crypto Mom”. Stark pointed out Peirce’s history of crypto support when others were criticizing the technology.

Changing Dynamics of Crypto Acceptance

His post suggested the regime change will halt the ongoing enforcement drive of the SEC. He also highlighted the increasing rift between the government and the SEC on crypto regulation. Stark started writing about crypto back in 2017. He drew attention to leaders like Donald Trump, Maxine Waters, and Hilary Clinton going dead against cryptocurrency.

But the situation has changed a lot now. A large number of Republican leaders are now supporting cryptocurrency. Ron de Santis said that he’d protect Bitcoin at any cost. He even went on to say that he’d ban central bank digital currencies (CBDCs). On the other hand, many Democratic party candidates want a crackdown on cryptocurrency.

Reportedly, Senator Elizabeth Warren has gone to the limits of forming an “anti-crypto army.” She has made a number of efforts to prohibit cryptocurrency. Stark said that the SEC isn’t going to get friendly with crypto unless a Republican takes charge of the oval office. He stated that the current authority won’t even allow the Bitcoin ETFs to float freely in the market.

Sharing some insights into the situation, Stark commented on a previous SEC letter. The letter says that spot Bitcoin markets are exposed to all types of dangers. According to it, artificially inflated trading volumes affect the ETF markets. It also mentions that the market is controlled by a few entities and is manipulated by bad actors. Stark expressed that SEC will remain adverse to Bitcoin ETFs even if industry stalwarts are interested in them. He predicts that the regulator is going to reject all the filings.

Conclusion

Only time could tell what the 2024 elections will show the world. However, crypto enthusiasts are anticipating positive outcomes from it. Going by the current happenings, one can say that crypto will be accepted sooner or later. However, a little acceleration in the process is certainly welcome to everyone. So, the crypto community is keeping their fingers crossed and hoping for the best.