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What SEC Chair Gensler's departure means for bitcoin, crypto

Securities and Exchange Commission (SEC) Chair Gary Gensler announced that he will step down from his position in January ahead of President-elect Donald Trump's second term in the White House. Bitcoin (BTC-USD) nears $100,000 following its post-election rally. The open SEC position could be the opportunity the crypto community has been looking for to put a crypto ally in charge. Fundstrat Global Advisors head of digital asset strategy Sean Farrell joins Market Domination Hosts Julie Hyman and Josh Lipton to discuss what Gensler's departure means for bitcoin investors and the broader crypto community. "There are two ways to look at the regulatory shift that we've seen over the past few weeks, [which] obviously is ongoing, and portfolios are currently adjusting to this new world. There is a world in which we get an actively pro-crypto regulatory apparatus, but I'm not sure we should discount the effect of merely removing a lot of these crypto antagonists from the regulatory backdrop," Farrell says. He adds that "just having Gensler out of here and getting someone that, even if they are not actively pro-crypto, but just pro-deferring... [legislating to the legislature] and doing your job as the SEC, I think, presents huge upside for the crypto space and for capital markets in general, frankly." To watch more expert insights and analysis on the latest market action, check out more Market Domination here. This post was written by Naomi Buchanan.