10x Research analysts predict that with Joe Biden withdrawing from the US Presidential race, Donald Trump will face little opposition in the November elections. This scenario suggests that the election outcome might be determined even before any votes are cast. Analysts indicate that this would be a first for the Bitcoin and cryptocurrency sector, as a pro-crypto administration is expected to take office.
Historical Perspective: Administration Changes and the SEC
Past examples show that changes in administration often lead to changes in key regulatory positions like the SEC Chairman. Current SEC Chairman Gary Gensler’s term ends on June 5, 2026, but he is expected to resign in early 2025 with the new administration entering the White House. This reflects a pattern where SEC chairmen typically resign during political party changes.
Mary Jo White, appointed by President Obama, served as SEC Chairman from April 2013 to January 2017. She resigned in November 2016 following Donald Trump’s election. Similarly, Christopher Cox, appointed by President George W. Bush, served from August 2005 to January 2009 and resigned with President Obama’s inauguration. These examples highlight the frequency of changes at the SEC during political transitions.
A First for Cryptocurrencies
Harvey Pitt, appointed by President George W. Bush, served from August 2001 to November 2002. He resigned shortly after the 2002 midterm elections due to political pressures. This clearly shows the impact of political changes on the SEC.
A new administration, especially a pro-crypto one, could lead to changes in key regulatory positions like the SEC Chairman. These changes could significantly impact the regulation and oversight of Bitcoin and other cryptocurrencies. A more favorable environment could offer new opportunities for the growth and development of the cryptocurrency sector.
At this stage, Joe Biden’s withdrawal from the presidential race increases the likelihood of Donald Trump winning the election. With a pro-crypto administration taking office, many now expect a surge in the cryptocurrency sector. However, predicting what will act as a catalyst for a rally in the crypto world is, of course, difficult.
