QUICK TAKESGary Gensler is resigning from being the Securities Exchange Commission (SEC) chairman on January 20 (when Trump assumes office).Katrina Paglia, chief legal officer at Pantera (a crypto asset manager), foresees the SECs current lawsuits on blockchain companies ending quietly.Owing to Trumps pro-crypto stance and election victory, Bitcoin has been hitting ATH after ATH. Its getting closer and closer to $100K.Gary Gensler is to leave the SECTrump has threatened to fire the SEC chairman upon assuming the US presidency. Like many other crypto titans, he deems his stringent crypto rules unreasonable and innovation obstructive.Coinciding with the crypto-happy news, the worlds largest digital asset, $BTC, draws ever nearer to $100K.Genslers Taken Ripple, Coinbase & OpenSea to CourtAppointed on April 17, 2021, Gensler was employed to enhance the integrity and safety of capital markets (treasury, equity, corporate governance, and crypto).In the crypto market, hes been actively pursuing case after case against blockchain companies for various misconducts (including wash trading, fraud, and security token violations).Some recent lawsuits include those against the crypto exchanges Ripple ($XRP) and Coinbase, the NFT marketplace OpenSea, and Web3 gaming firm Immutable.However, his actions have more often than not sparked controversy.Crypto Lovers Celebrate Genslers Retirement Flicking through the comments on Genslers retirement notice on X highlights the publics true sentiment about the SEC chairman.Source: Gary Gensler (X)The vast majority of the current 17K replies on the thread celebrate Genslers retirement and give him backlash.Good riddance. You went after innocent token founders that did no harm, but you completely ignored the real crooks like FTX and Celcius who stole everyones money. You are corrupt and rotten to the core, Gary. Hex MonkeyThere are rumors that Trump will replace Gensler with pro-crypto Attorney Teresa Goody Guillen. Her SEC experience and blockchain expertise work in the industrys favor.Between 2009 and 2011, Guillen served as an attorney for the SECs Office of the General Counsel. Shes also the co-lead of the blockchain team of Baker & Hostetler (a prominent law firm).According to a Reuters report, Dan Gallagher, the present chief legal and compliance officer at Robinhood, is another consideration for SEC chairman.SEC Lawsuits Might Go Poof, Suggests PanteraPaglia (Panteras CLO) believes the SEC lawsuits will quietly go away after Gensler steps down.During a recent panel discussion, she voiced that theyll likely make some level of statement to avoid the government wasting time and energy, which could be very beneficial.According to her, the SEC might issue no-action letters that imply it wont be taking legal action against those under scrutiny a significant step toward a more favorable US crypto regulatory environment.She also believes the new US regulator might adopt a neither admit nor deny language, which would welcome more negotiable resolutions.$BTC Hit ATH After ATH Following Trump PresidencyBitcoin has been hitting ATH after ATH since Donald Trump won the 2024 US presidential election on November 6.Before his presidential win was announced on November 5, $BTC was valued at around $68K.Despite being commendable at the time, it has since jumped by 44.12% to $98K. Bitwise predicts the coin will hit $100K soon.Beyond Trumps promise to boot Gary Gensler, additional factors pumping up the crypto market include his advocacy for a strategic Bitcoin reserve (to loosen the US $34T debt) and his promise never to sell Bitcoin (starkly contrasting to the Biden administration).Genslers Likely Fearful of Getting the BootThe USs strict crypto regulations will likely loosen once Trump reclaims the presidential seat on January 20, 2025, upon Genslers SEC exit.Gensler stepping down as SEC chairman on the same day Trump moves back into the White House suggests hes fearful of being fired.Judging by his past actions and the communitys response, it was likely a wise yet tough decision for him to make.The SEC, regretting confusion over classifying crypto as securities, appears to have come too late.Itll be interesting to watch $BTCs future trajectory as the industry continues to amass significant backing.ReferencesClick to expand and view referencesAdd Techreport to Your Google News Feed Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now! Subscribe now Leah is a seasoned British journalist with nine years of expertise who specializes in Web3 reporting. Her insightful contributions have graced the pages of respected publications, including Coinbound, Cointelegraph, Bitcolumnist, NFT Lately, and NFT Plazas. With a keen eye for detail, she offers distinct perspectives on the ever-evolving blockchain industry. View all articles by Leah Waters (Alger) Our editorial processThe Tech Reporteditorial policyis centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written byreal authors.