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Gensler may soon be dismissed by Trump, who announced significant changes at the Bitcoin 2024 event. Having attempted to regulate the cryptocurrency industry through sanctions for years, Gensler now appears to be nearing the end of his tenure. Today, he made his latest announcements regarding cryptocurrencies. Did he signal his resignation?
Gensler’s Statements on Cryptocurrencies
Bitcoin (BTC) 
$104,785 experienced a rapid decline to $88,234 at the time this article was prepared, causing losses of up to 8% across many altcoins. Although prices might attempt to reach all-time highs, we have frequently noted that such pullbacks are not surprising. In the hours ahead, we could witness more movements in price regions that might trigger significant liquidations, especially in futures trading.
Returning to our topic, Gensler made several comments today. In his speech prepared for the 56th Annual Securities Regulation Institute of the Practical Law Institute, the current chairman repeated that most cryptocurrencies are considered securities.
“To put this in context, aside from Bitcoin, Ether, and stablecoins, the rest of this market is about $600 billion.”
ETH was generally commented on by Gensler, but in his latest speech, he also included it alongside BTC.
Will Gensler Resign?
Trump has stated he will dismiss him, and sources suggest that Gensler may resign after the elections, like other presidents. However, he could still continue serving as a commissioner at the SEC. The section of today’s announcement felt somewhat like a farewell speech, especially since it was one of the first statements following the elections.
“It was a great honor to serve with them, to do the public’s work, and to ensure our capital markets remain the best in the world. I am proud to serve with my colleagues, who work every day to protect American families on the financial highways at the SEC.”
Trump clearly stated he would fulfill his campaign promise to dismiss Gensler. He also promised to nominate a crypto-friendly candidate, which will soon become clear. Trump and his team are revealing names they consider for significant public positions, and the SEC will be next.
