Title: Biden’s Exit Paves the Way for Trump Victory and Early SEC Chair Resignation, Predicts 10x Research
In a surprising turn of events, 10x Research has predicted that President Joe Biden’s withdrawal from the 2024 presidential race could lead to a “decisive victory” for former President Donald Trump in the November election. The firm believes that Trump’s pro-crypto stance could bring significant changes to the political landscape and the crypto industry.
According to 10x, no credible candidate can challenge Trump, suggesting that the election outcome may already be determined. This shift could have implications for the Securities and Exchange Commission (SEC), with the potential for a new administration to bring in a more favorable regulatory framework for digital assets.
Markus Thielen, head of research at 10x, highlighted the historical pattern of SEC chair resignations during administration transitions. He suggested that under a Trump presidency, current SEC Chair Gary Gensler could resign early, paving the way for new leadership at the SEC with a pro-crypto perspective.
Thielen pointed to previous instances where SEC chairs resigned before the end of their terms due to political pressure, indicating that Gensler’s tenure could be cut short under a Trump administration. This change in leadership could lead to new policies and perspectives on crypto regulation, fostering growth and innovation in the industry.
In addition to the potential SEC leadership change, Thielen mentioned bullish catalysts for the crypto market, including rumors of Trump making a surprise announcement at a Bitcoin conference in July. Industry insiders speculate that Trump could endorse Bitcoin as a strategic reserve asset and address regulatory challenges facing the industry.
Thielen suggested that such an announcement could trigger a “parabolic” rise in Bitcoin’s value, cautioning investors against taking profits or shorting BTC before Trump’s speech. With Bitcoin trading close to its previous all-time highs, the market is eagerly anticipating any developments that could impact its price trajectory.
Overall, 10x Research’s predictions paint a picture of a shifting political landscape and regulatory environment that could have far-reaching effects on the crypto industry. Investors and industry participants will be closely watching for any developments that could shape the future of digital assets under a potential Trump administration.
