Gary Gensler Leaves SEC & Solana Hits ATH as SOL ETFs Near
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GM. What a great day for the crypto industry as we hit fresh all-time highs, with Solana leading the charge thanks to its probable ETF approval following Gary Gensler's Jan, 2025 resignation from the SEC.
Great timing too, as BTC is nearly at $100,000 and once again threatens to steal SOL's thunder. Meanwhile, the Fear & Greed Index is at an unprecedented 94… So no big leverage over the weekend.
As always, here is the deep dive on all important crypto news. 👇
SEC Chair Gary Gensler to Step Down in January 2025
Gary Gensler, Chair of the SEC, announced his resignation effective January 20, 2025, aligning with Donald Trump’s inauguration. Gensler spearheaded the SEC’s crackdown on the crypto industry, targeting major players like Coinbase and Binance while labeling many tokens as unregistered securities.
His tenure also included the approval of spot Bitcoin ETFs, which contributed to the cryptocurrency’s integration into mainstream finance. Critics of Gensler’s leadership argued his regulatory approach stifled innovation and lacked clarity, making compliance challenging for many firms.
His resignation opens the door for a more crypto-friendly successor, with potential candidates including SEC Commissioners Hester Pierce and Mark Uyeda. The change in leadership signals a shift in regulatory tone under the incoming administration, which has promised to be pro-crypto.
SEC Engages on Solana ETFs as Token Soars
The SEC has initiated engagement with issuers for Solana ETFs, including VanEck, 21Shares, and Bitwise, with filings progressing. These applications, initially stalled earlier this year, are being revived as optimism grows following Gary Gensler’s announced resignation.
Analysts speculate the SEC could advance the filings as early as mid-2025 under an administration less resistant to digital asset innovation. Meanwhile, Solana’s token has surged past $260, marking a new all-time high fueled by renewed investor interest after the ETF news broke out.
Solana's rise comes exactly two years after the network suffered a near-collapse during the FTX scandal when the price of SOL reached a low of around $8. In other words, that is a 32.5x return for those who "bought at the bottom" and took profits right now.
Trump Media Files Trademark for Crypto Platform
Trump Media and Technology Group has filed a trademark application for "TruthFi", a potential cryptocurrency trading and payment platform. The filing includes provisions for digital wallets, cryptocurrency payment processing, digital asset trading, and financial custody services. If approved, the trademark would establish Trump Media’s entry into the crypto space.
There are also reports that Trump-backed businesses are in advanced talks to acquire Bakkt, a regulated crypto exchange. Trump Media’s social platform, Truth Social, has also seen increased engagement following the President-elect’s win. This aligns with Trump’s broader pro-crypto agenda, as the administration plans to ease regulatory hurdles and increase digital asset adoption.
Chris Giancarlo Tipped as White House Crypto Czar
Chris Giancarlo, affectionately known as "Crypto Dad" for his pro-blockchain stance, is the leading contender for a new White House "Crypto Czar" role focused on cryptocurrency policy. The former CFTC Chair oversaw the launch of Bitcoin futures and co-founded the Digital Dollar Project, advocating for innovation in US financial markets.
If confirmed, Giancarlo would mediate between Congress, federal agencies, and the President, making him a key figure in influencing national crypto policy. This potential appointment aligns with President-elect Trump’s pro-crypto agenda, including key hires like Robert F. Kennedy Jr. and Cantor Fitzgerald CEO Howard Lutnick.
Data of the Day
Crypto exchange trading volumes surged to a 12-month high of $117 billion daily, fueled by Bitcoin’s rally to all-time highs and increasing institutional participation. Midway through November, USD-supported exchanges recorded $229 billion in volume, nearly matching October’s total of $237 billion.
The activity reflects concentrated trading driven by positive market sentiment and renewed trust in regulatory clarity. Spot Bitcoin ETFs have been one of the major drivers of volume, alongside growing interest in structured crypto products.
More Breaking News
- PEPE, BONK, and WIF memecoins surged over 70%, 100%, and 32% this week, driven by speculative inflows after listings on Coinbase and Robinhood.
- Justin Sun purchased Maurizio Cattelan’s duct-taped banana art piece, "Comedian," for $6.24 million at a Sotheby’s auction.
- Charles Schwab plans to offer direct crypto investments upon favorable regulatory changes, expanding beyond its current crypto ETFs and futures offerings.
- FTX aims to begin reimbursing creditors and customers by March 2025 as its bankruptcy reorganization nears completion.
- MicroStrategy finalized a $3 billion convertible debt sale to buy more Bitcoin, upsizing from $1.75 billion due to strong investor demand.
For the latest updates on digital asset markets, follow us on X @Datawalletcom.
Written by
Jed Barker
Editor-in-Chief
Jed, a digital asset analyst since 2015, founded Datawallet to simplify crypto and decentralized finance. His background includes research roles in leading publications and a venture firm, reflecting his commitment to making complex financial concepts accessible.
