Don’t jump to conclusions and think we’ve uncovered a plot by US crypto companies to assassinate the head of the SEC chair. Nope, nothing so dramatic. It turns out that Gary Gensler will probably be stepping down voluntarily within the first two months of 2025, right after President Joe Biden completes his term in the White House. Even though Gensler’s term as SEC Chair is supposed to end on June 5, 2026.

Related: Trump Meme Coins Rise With Biden’s Drop From Presidential Race

Gensler vs. Trump's supporters

In February, Trump’s running mate, J.D. Vance, criticized Gensler as the “worst person” to regulate crypto assets, arguing that his approach to crypto policy is outdated and overly influenced by politics.

Markus Thielen, founder of 10x Research, pointed out that SEC chairs usually leave when a new administration moves into the White House. He added that if Trump is the nominee, it could spell disaster for Gensler’s role as head of the agency. It’s worth noting that Gensler took office on April 17, 2021, just two months after Biden’s inauguration.

Thielen even hinted that Biden's sudden withdrawal from the presidential race would almost guarantee Trump's victory in the November 2024 election.

Once Biden dropped out of the race, no credible candidate can seriously challenge Trump. It looks like the November election results were decided without a single vote. And when it comes to Bitcoin, the new administration will be crypto-friendly.

Not All Is Lost for the Democrats

Despite the chatter that Trump has already won the election, there’s still hope for the Democrats to win back their votes for cryptocurrency (not through some shady darknet transaction).

Crypto isn’t inherently a partisan issue, and there are Democrats who back it but feel conflicted due to Biden’s anti-crypto stance. With President Joe Biden bowing out of the presidential race and Vice President Kamala Harris stepping in, the party, which has largely been against crypto under Biden, has a golden opportunity to reclaim a significant portion of the crypto vote.

Supporting crypto should be the new candidate’s top priority. Thousands of crypto enthusiasts are “single-issue voters” who could tip the scales in swing states like Michigan and Pennsylvania.

Currently, Kamala Harris hasn’t made her position public, but her potential running mates are pro-crypto.

Jake Chervinsky, Chief Legal Officer at Variant Fund and former Blockchain Association lawyer, has five tips for the new candidate to win over the crypto voters:

  1. Acknowledge crypto’s importance to the U.S. economy.
  2. Admit that the current regulatory approaches haven’t been successful.
  3. Propose a balanced policy that fosters innovation while protecting consumers.
  4. Appoint crypto-friendly leaders to key agencies, like the SEC and CFTC.
  5. Engage with crypto industry stakeholders.

Clearly, while Gary Gensler and Senator Elizabeth Warren might have misread the White House’s crypto stance in the past, it’s time for a fresh perspective.

Crypto’s Winning No Matter What

Despite the current political instability in the U.S., the future looks bright for Bitcoin and the broader crypto market. There are rumors that Trump might make a surprising announcement at the upcoming Bitcoin conference in Nashville on July 25. He could potentially declare Bitcoin a strategic reserve asset, which might just set off a price surge.

The same could happen if Kamala Harris or one of her close allies publicly supports crypto. Either way you look at it, the worst of Bitcoin's price action is long gone.

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