Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.

Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

Litigation from GOP AGs and states has added to the existing scrutiny of Gensler’s SEC career. Top lawmakers have opened an investigation into the SEC’s hiring practices amid suspicions of politically biased recruitment, which has spurred the inquiry.

Several members of Congress have called for his resignation, and Donald Trump has promised the digital asset industry that he would dismiss Gensler.

Is Gary Gensler retiring?

Social media is buzzing with speculation that Gensler might be on his way out as SEC Chairman. His comments in a note on Nov. 14, calling his time at the SEC “a great honor” and praising his colleagues for their dedication, have fueled rumors of a possible imminent retirement.

The SEC is a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.

Gary Gensler, SEC chair

He added that it’s been a privilege to serve with the SEC “doing the people’s work and ensuring that our capital markets remain the best in the world.”

A firm stance on crypto regulation has marked Gensler’s tenure at the securities regulator. Blockchain industry players increasingly anticipate changes in leadership and policy enforcement from the SEC after years of grappling with Gensler’s regulatory approach.

The SEC has ongoing court cases against firms like Coinbase and Ripple (XRP). As such, Gensler’s potential departure has become a focal point for speculation on how regulatory policies might shift under new leadership.

The head of digital assets research at exchange-traded fund (ETF) provider VanEck believes Bitcoin (BTC) is heading even higher this cycle after putting up massive gains.

In a new interview on CNBC’s Squawk Box, VanEck executive Matthew Sigel says that Bitcoin may soar more than 102% from its current value.

“We think it’s just started. As we expected, Bitcoin saw this high volatility pump after the election. We’re now in blue sky territory, no technical resistance, and we think we’re likely to make repeated all-time highs over the next two quarters. The same pattern played out four years ago. Between the election and the end of the year in 2020, Bitcoin doubled. There were about six 10% corrections. So it’s not going to be a straight line. But we’re up 30% so far, and the number of indicators that we track are still flashing green for this rally to continue.”

Sigel predicts Bitcoin will continue to soar to a high of $180,000, in part due to the election of pro-crypto Donald Trump as US president. He also says that deep-pocketed investors are increasingly looking to gain exposure of the top digital asset my market cap.

“This is a state change in terms of government support…

The number of calls that I’m getting inbound from investment advisors who are at zero and looking to get to 1% or at 1% and looking to get to 3%, these calls are starting to accelerate, and we think the flows are going to follow.

Our price target for this cycle is $180,000. We think we can reach that next year. That would be 1,000% return from the bottom to the peak this cycle. That’s still the smallest Bitcoin cycle by far.”

Bitcoin is trading for $88,723 at time of writing, up more than 145% in the last year.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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