With this measure, the Republican tycoon would fulfill a crypto dream.
During his participation in the Bitcoin 2024 conference this Saturday, Republican candidate Donald Trump stated that he will fire Gary Gensler. This is the chairman of the Securities and Exchange Commission (SEC) who is waging an all-out war against cryptocurrencies.
CoinBureau, a cryptocurrency portal, posted the following on X:
“Trump promises to “fire Gary Gensler” on day 1. He was so surprised that everyone disliked the man so much.”
Lawsuits with repetitive arguments against dozens of technology companies and developers have cost tens of millions of dollars. This is an unnecessary attack that harms innovation in the United States, according to the crypto community. Trump’s point was that such aggressiveness is a Democratic Party policy to the detriment of the country.
With this in mind, he promised that on his first day in office, he will fire Gensler and appoint someone who is committed to the U.S. He deplored that this behavior of the SEC is handing the leadership in innovation to competing countries such as China on a silver platter.
This will end the threat to the crypto sector from “lunatic leftists” like Kamala Harris and Gensler. Trump’s words were greeted with a thunderous ovation by attendees at the aforementioned Nashville event.
Trump Pledged at Bitcoin 2024 to Fire Gensler and End the Threat
It is remarkable that Trump promised to fire Gensler before Bitcoin 2024 conference. It is important to consider that the SEC has become a repressive machine under this official’s administration. The agency’s stance is completely intransigent, according to major digital asset trading firms like Coinbase.
For allegedly trading in unregistered securities, this exchange was sued. Before the lawsuit, the board would have sought clarification with the agency given the lack of regulatory clarity. A settlement would have been in place, and the exchange would have been out of court by the end of the day. However, the Commission did not respond to the requests and proceeded with the lawsuit.
With various companies related to digital currency trading, this episode has been repeated countless times. The SEC’s relationship with the crypto sector became hostile, and the agency hired lawyers to maintain a high pace of lawsuits against technology companies.
For the Democratic administration, this level of aggressiveness would now create a negative political record. Pundits such as Mark Cuban pointed out a few months ago that the SEC would have cost then-candidate Joe Biden the presidential election.
Now, all roads seem to have ended with Gensler’s departure from the SEC. With a hypothetical Trump victory, this reality would be more monumental and would likely end the agency’s war on crypto firms. That’s certainly Trump’s promise this Saturday.
Bitcoin Recovering Near $70,000 Before a Correction
Bitcoin is currently in an uptrend, forming higher highs and higher lows. The asset recovered near the $70,000 resistance level on Saturday. Bitcoin peaked at $69,399 on Binance, likely catalyzed by the bullish stance of U.S. presidential candidate Donald Trump.
Bitcoin could extend its gains by almost 10% and reach its all-time high of $73,777. The asset would encounter resistance at the Fair Value Gap (FVG), which extends from $69,582 to $70,117, as seen on the daily BTC/USDT chart.
Bitcoin may find support at $63,631, which is the 50% Fibonacci retracement of the decline from the all-time high to the July 5th low of $53,485.
By Audy Castaneda
