Gary Gensler resigns as SEC chair, sparking celebration across crypto industry

The Biden-appointed chair has been highly unpopular with the digital assets industry.

Gary Gensler is officially stepping down as SEC chair. Here's how crypto fared

Gary Gensler, the Biden-appointed chair of the Securities and Exchange Commission (SEC), has announced his resignation from the role, effective immediately. This news comes as little surprise, as Gensler has been a highly controversial figure within the digital assets industry.

Gensler's tenure at the SEC was marked by his skepticism towards cryptocurrencies and his efforts to regulate the industry. He has frequently clashed with crypto executives and enthusiasts, who accuse him of being biased against the new asset class.

Gensler's resignation is likely to be welcomed by the crypto industry, which has been pushing for a more favorable regulatory environment. However, it remains to be seen whether his successor will adopt a more crypto-friendly stance.

Unsurprisingly, top tokens Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) are among the leading drivers of this move. Given that these three top tokens combined make up nearly three-quarters of the value of the entire crypto market, one would expect to see a market-relevant move in these three digital assets today.

As of 3:30 p.m. ET, Bitcoin, Ethereum, and Dogecoin were up 3.7%, 8.8% and 2.1%, respectively.

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Two quite different crypto-dependent securities both closed the day up nicely, mining business Mara Holdings (NASDAQ:MARA) with a nearly 7% gain and exchange-traded fund iShares Ethereum Trust ETF (NASDAQ:ETHA) with a 9% rise. Going in quite the opposite direction was the recently high-flying Bitcoin (CRYPTO: BTC) investment vehicle MicroStrategy (NASDAQ:MSTR), but there was a specific reason for its retreat.

Stocks that aren't MicroStrategy continued to ride the sustained and powerful demand for Bitcoin, by far the leading and most influential crypto.

Bitcoin nears $100,000 as SEC chair Gary Gensler announces he will step down

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MicroStrategy Falls 16% Despite New Bitcoin Record as Some Question Valuation

One of the more impressive runs higher ever seen in stocks took at least a brief breather on Thursday, with Bitcoin Development Company MicroStrategy (MSTR) sporting a double-digit percentage loss even as the price of bitcoin {{BTC}} surged to a new record high just shy of $100,000. At one point lower by more than 20%, MicroStrategy closed the session down 16.2%.

“MicroStrategy's [valuation] has completely detached from bitcoin fundamentals,” wrote Citron Research's Andrew Left earlier in the day.