Crypto has scored another win for DC with Gary Gensler exiting

Cryptocurrency fans got the announcement they wanted on Thursday when Gary Gensler said… He will step down from the SEC in JanuaryThis paves the way for a more positive relationship between the cryptocurrency industry and the main regulator in Washington.

It was Gensler’s exit as Chairman of the Securities and Exchange Commission At the top of many cryptocurrency executives’ wish listsPresident-elect Donald Trump made firing the head of the Securities and Exchange Commission a campaign promise to the industry.

The change at the top of the SEC is the latest of many signs that the cryptocurrency is positioned to become a major focus of the new administration once it takes office in 2025.

There was another report this week of discussions within Trump’s transition team about creating the first position in the White House dedicated to cryptocurrency policy, according to Bloomberg. Bloomberg.

Optimism drives Bitcoin (Bitcoin-dollar) reached a new all-time high of $98,374 per coin as of Thursday afternoon, putting it within striking distance of $100,000. At the beginning of the year, the world’s largest cryptocurrency was trading at $42,265.

Gensler has spent most of his tenure clashing with the biggest players in the cryptocurrency world as the SEC filed lawsuits against major digital asset companies, including US cryptocurrency exchange Coinbase (currency).

Paul Grewal, Coinbase’s chief legal officer, hinted at the rift with Gensler on Thursday after the SEC chief announced his plans to leave on January 20.

“My mom always told me if I don’t have anything nice to say, don’t say anything at all,” Grewal said in his post. “So I’ll sit in this place.”

The Securities and Exchange Commission on Thursday cited Gensler’s actions against the cryptocurrency industry as among the chairman’s accomplishments while in office.

“I thank President Biden for entrusting me with this incredible responsibility,” Gensler said in a statement. “The SEC fulfilled our mission and enforced the law without fear or favor.”

Trump met with figures in the cryptocurrency industry this week, including Coinbase CEO Brian Armstrong, on Monday, as he weighed who should run the SEC next and how he could serve the industry he promised to help.

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