Gary Gensler, head of the US Securities and Exchange Commission, which also regulates the cryptocurrency market, announced his resignation from his position on Thursday. Previously, Donald Trump declared that he would fire him on the “first day” of his rule.
Gensler announced that he will resign from the SEC leadership on January 20i.e. on the day of the inauguration of the new president. Trump, who sought support from the tech sector during the election campaign, promised not only to fire Gensler but also to order the government to accumulate billions of dollars' worth of bitcoin in federal reserves. He also announced that he would do it USA “the world's cryptocurrency capital and bitcoin superpower.”
The current head of the SEC was in trouble with the cryptocurrency sector because he sought to regulate it. The US Securities and Exchange Commission fears that without serious oversight, the machinations of such companies could lead to another speculative bubble, triggering a crisis similar to the 2008 financial collapse.
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The value of Bitcoin is increasing
Trump promised to relax regulations governing the cryptocurrency market. Since his election victory the value of bitcoin increased by about 35%.. – AFP reported on Thursday. – Bitcoin is heading for a phenomenal valuation of around 100,000. dollars, (…) speculators have mobilized and are fueling this madness – Stephen Innes, an analyst at SPI Asset Management, told the agency.
“The colossal levies and political ambitions of the high-tech and cryptocurrency sector make Washington its hostage,” Fortune magazine said.
Entrepreneurs specializing in cryptocurrencies are responsible for almost half of corporate levies, which, through the so-called super PACs have powered the 2024 election campaign, and the entire tech sector is now one of the most important business political sponsors in America.
On Wednesday, Bloomberg reported that the president-elect's team is considering creating a new position in the White House focused solely on cryptocurrency policy.
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