As Donald Trump prepares to take office for another term, speculation is intensifying regarding the future of crypto regulation, particularly concerning the leadership of the US Securities and Exchange Commission (SEC). 

Recent social media posts by FOX journalist Eleanor Terret suggest that SEC Chairman Gary Gensler may be on the verge of resigning, possibly before Trump’s inauguration in January 2025.

Pro-Crypto Candidates In The Running To Succeed Gensler

According to sources close to the situation, Terret says Gensler’s resignation, which would leave his term, set to expire in 2026, uncompleted, is expected to be announced after Thanksgiving. 

However, while Gensler has faced heavy criticism during his tenure for his strict regulatory approach to the crypto industry, the identity of his successor remains uncertain.

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Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors regarding his nomination, while several other candidates are being considered. 

Among the names in the mix are Dan Gallagher, Chief Legal Officer at crypto exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; former SEC Commissioner Paul Atkins; and Paul Hastings lawyer Brad Bondi. 

Terret suggests that Gallagher, while initially reluctant to leave Robinhood, may reconsider as the dynamics of the administration’s appointments shift. 

Stebbins, who has close ties to Jay Clayton, a former SEC chairman, is rumored to be a favored candidate, though he lacks a crypto background. Still, sources suggest he would follow the Trump administration’s lead on digital assets.

Atkins and Bondi are both known for their pro-crypto stance, advocating for a “lighter regulatory touch.” Atkins serves on the board of the Digital Chamber of Commerce and co-chairs its Token Alliance, focusing on token issuance growth. Bondi has been involved in advising decentralized finance (DeFi) projects, indicating a commitment to fostering innovation in the crypto space.

Trump Plans Resource Allocation For CFTC

Other names circulating in crypto circles include former CFTC Chair Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Investment Management Director Norm Champ. Champ recently expressed his willingness to serve if asked, signaling his interest in a potential role in the upcoming administration.

In addition, pro-crypto SEC Commissioner Mark Uyeda is reportedly open to taking the chairmanship, possibly as acting chair, while fellow Commissioner Hester Peirce, dubbed the “crypto mom” of the agency, has privately indicated her disinterest in the role.

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With these leadership changes on the horizon, Terret anticipates that the new SEC chair will be pro-crypto, while also being equipped to handle the broader responsibilities of the agency, which include oversight of public companies, the stock market, the bond market, private funds, and the consolidated audit trail (CAT).

Compounding the speculation is the expectation that the Trump administration may also increase the CFTC’s role in cryptocurrency regulation. Terret asserts that the administration is considering allocating more resources to the CFTC, although the specifics of how this will be implemented remain unclear and would likely require additional funding.

Featured image from DALL-E, chart from TradingView.com

Bitcoin, the world’s largest crypto asset, hit a record-high trading volume after the cryptocurrency reached a new all-time high of $89,956 on Nov. 12.

According to a Matrixport report, Bitcoin’s trading volume soared above $145 billion in the past 24 hours, marking a new all-time peak that stands roughly 50% above previous highs observed in August and March this year.

In later trading hours, the volume continued to climb, briefly surpassing $170 billion according to Coingecko data.

Analysts at Matrixport noted that the surge in Bitcoin’s volume was driven largely by growing retail investor interest following Donald Trump’s recent victory in the U.S. presidential election. 

Trump has vowed to foster a crypto-friendly environment in the U.S., with promises to make it the “crypto capital of the planet,” establish a Strategic Bitcoin Reserve, and replace SEC Chair Gary Gensler—a stance the crypto sector views as a strong bullish catalyst.

Google searches for Bitcoin have also significantly increased, reaching the highest level in five years, with a 78% rise, also confirming the growing public interest in the flagship cryptocurrency.

Further, spot Bitcoin ETFs have also recorded a major uptick following Trump’s victory, bringing in over $4.2 billion, which has helped fuel Bitcoin’s rally to its recent all-time high.

Matrixport’s analysis noted that, based on historical trends, growing retail trading activity often sustains for several weeks, sometimes even months, during market upswings. As such, it is likely that BTC will maintain its bullish momentum in the coming weeks, the report added.

When writing, Bitcoin (BTC) was down 2.61% from its all-time high, as the cryptocurrency appeared to be undergoing a typical correction following its recent rally.

However, BTC proponents, like Michael Saylor, Arthur Hayes, and much of the crypto community, remain optimistic, projecting prices will climb higher, with targets of $100,000 and beyond.

Previously, analysts at Berstein noted that they remain confident in their price target of $200,000, owing to a crypto-friendlier regulatory environment under Trump, and the hopes of a pro-crypto SEC.

On X, one crypto trader pointed to a potential bullish pennant pattern forming on Bitcoin’s four-hour chart, noting a possible target of $103,000 in the near term.

Meanwhile, banking giant Standard Chartered expects BTC will reach $125,000 by January 2025.

However, before its next leg up, pseudo-anonymous analyst Rekt Capital expects Bitcoin’s price to correct further. According to the analyst, Bitcoin has only reached about 50% of its potential gains this bull cycle and expects the peak to be hit sometime around October next year.