SEC Chair Gary Gensler’s Downfall Sends Cryptocurrency Soaring
Key Points:
- The potential departure of SEC Chair Gary Gensler after Trump’s presidential victory is sparking a rally in cryptocurrencies, especially Ether, amid hopes for lighter regulation.
- Gensler’s SEC had aggressively regulated the crypto industry, including cases against major players like Coinbase, which could see a shift under new leadership.
According to Bloomberg, cryptocurrencies surged in a rally inspired by the possible exit of SEC Chair Gary Gensler with the recent presidential victory of Donald Trump.
Read more: SEC Chair Gary Gensler Still Defends Positive View on Blockchain
Crypto Market Rallies Amid Potential SEC Chair Gary Gensler Set to Lose Position
SEC Chair Gary Gensler has been notorious for his no-nonsense type of regulating digital assets. He spearheaded an aggressive Securities and Exchange Commission crackdown on the industry, putting pressure on some of the most significant crypto companies like Coinbase and Ethereum’s development firm ConsenSys. Trump’s promises included removing Gensler on his first day in office at a recent Bitcoin conference in Nashville.
Ethereum trails Bitcoin’s top spot and benefits very much from the results of the election, which saw an over 20% increase in price as investors bet on a more lenient regulatory approach under fresh leadership at the SEC. For too long, it was in the shadow of Bitcoin. Finally, optimism that regulators might begin to shift their regulatory focus seems to be reflected in its performance.
Investors Eye New Opportunities for Ether ETFs Under Fresh SEC Leadership
Dan Gallagher, a Republican who served as the SEC’s commissioner from 2011 to 2015 and is presently Robinhood’s top legal and compliance officer, is one of the candidates being evaluated for the position of chair of the SEC.
The anticipated regulatory change is similarly impacting ETFs targeting Ether. These funds, which have trailed Bitcoin ETFs, are largely considered incomplete products due to the lack of staking opportunities- a feature allowing investors to derive passive income. Currently, there is roughly $6 billion invested in Ether ETFs that cannot be staked, which presents a huge lost economic opportunity for investors of the asset.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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SEC Chair Gary Gensler’s Downfall Sends Cryptocurrency Soaring
Key Points:
- The potential departure of SEC Chair Gary Gensler after Trump’s presidential victory is sparking a rally in cryptocurrencies, especially Ether, amid hopes for lighter regulation.
- Gensler’s SEC had aggressively regulated the crypto industry, including cases against major players like Coinbase, which could see a shift under new leadership.
According to Bloomberg, cryptocurrencies surged in a rally inspired by the possible exit of SEC Chair Gary Gensler with the recent presidential victory of Donald Trump.
Read more: SEC Chair Gary Gensler Still Defends Positive View on Blockchain
Crypto Market Rallies Amid Potential SEC Chair Gary Gensler Set to Lose Position
SEC Chair Gary Gensler has been notorious for his no-nonsense type of regulating digital assets. He spearheaded an aggressive Securities and Exchange Commission crackdown on the industry, putting pressure on some of the most significant crypto companies like Coinbase and Ethereum’s development firm ConsenSys. Trump’s promises included removing Gensler on his first day in office at a recent Bitcoin conference in Nashville.
Ethereum trails Bitcoin’s top spot and benefits very much from the results of the election, which saw an over 20% increase in price as investors bet on a more lenient regulatory approach under fresh leadership at the SEC. For too long, it was in the shadow of Bitcoin. Finally, optimism that regulators might begin to shift their regulatory focus seems to be reflected in its performance.
Investors Eye New Opportunities for Ether ETFs Under Fresh SEC Leadership
Dan Gallagher, a Republican who served as the SEC’s commissioner from 2011 to 2015 and is presently Robinhood’s top legal and compliance officer, is one of the candidates being evaluated for the position of chair of the SEC.
The anticipated regulatory change is similarly impacting ETFs targeting Ether. These funds, which have trailed Bitcoin ETFs, are largely considered incomplete products due to the lack of staking opportunities- a feature allowing investors to derive passive income. Currently, there is roughly $6 billion invested in Ether ETFs that cannot be staked, which presents a huge lost economic opportunity for investors of the asset.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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