SEC Shakeup: Gensler Out, Trump In!

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Here's what we've got for you today:

• SEC Chair Gary Gensler to Step Down

• Bitcoin Industrial Complex Trading Volume Hits Unprecedented $70B

• Solana Breaks All-Time High on Coinbase, 2 Years After FTX Catastrophe

• Trump Media Explores Digital Wallets and Crypto Trading with TruthFi

👋 SEC Chair Gary Gensler to Step Down

The United States Securities and Exchange Commission (SEC) announced that Chair Gary Gensler will depart from the agency on Jan. 20, 2025.

• Gary Gensler will leave the SEC on the same day that crypto-friendly President-elect Donald Trump will start his second term.

• Trump even promised in July to "fire" Gensler to appeal to crypto enthusiasts ahead of the Nov. 5 election, but he cannot force a commissioner to leave the agency entirely, as Gensler now plans to do in January.

• During Gensler’s tenure that started in 2021, the SEC pursued more than 100 regulatory actions against crypto companies.

📈 Bitcoin Industrial Complex Trading Volume Hits Unprecedented $70B

Bitcoin’s latest rally to an all-time high ignited record trading volumes across the "Bitcoin Industrial Complex."

• The trading volumes of the "Bitcoin Industrial Complex," which includes U.S. spot Bitcoin ETFs and stocks like MicroStrategy (MSTR) and Coinbase (COIN), soared to a record-breaking $70 billion on Nov. 21 as Bitcoin rallied to an all-time high.

• This milestone surpassed the previous record that was set just a day earlier, and Bloomberg analyst Eric Balchunas even called the surge “BITSANITY.”

• MicroStrategy led the trading frenzy with the largest share of trading volume, while U.S. spot Bitcoin ETFs also saw impressive inflows on the day.

⬆️ Solana Breaks All-Time High on Coinbase, 2 Years After FTX Catastrophe 

Solana was finally able to break a new record high on Nov. 22, two years after the FTX exchange collapsed.

• Solana (SOL) reached $264.31 on Coinbase on Nov. 22, which was part of an 11% gain in the past 24 hours.

• SOL surged by about 160% in 2024, which allowed it to recover from a cycle low of just under $10 that was hit in December of 2022 after the FTX collapse.

• The altcoin’s recent momentum is fueled by filings from Bitwise, VanEck, 21Shares, and Canary Capital to launch spot Solana ETFs.

🪙 Trump Media Explores Digital Wallets and Crypto Trading with TruthFi

Trump Media and Technology Group’s trademark filing for “TruthFi” reveals plans for a potential crypto trading and payment platform.

• On Nov. 18, TMTG filed a trademark application for “TruthFi,” a digital asset service covering wallets, payment processing, and trading platforms.

• The move is a big change for TMTG, which is known for operating the conservative social media platform Truth Social.

• Trademark attorney Josh Gerben shared that the filing proves just how focused TMTG is when it comes to creating a comprehensive digital financial ecosystem. The timeline for TruthFi’s launch is still unknown.

👀 QUICK NEWS

• Texas Taking Baby Steps Toward Strategic Bitcoin Reserve: Satoshi Action Fund

• Solana ETF Filings Flood in as Gensler Sets Departure Date

• FTX to Kick Off $16.5B Customer Reimbursement Plan by March

• Trump’s Crypto Agenda: Hoskinson Rumored for Treasury Secretary Role

• Mastercard, J.P. Morgan Join Forces for Seamless Global Blockchain Payments

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