News Roundup — Gary Gensler announces departure from SEC

Major news stories this week;

1. Gary Gensler announces departure from SEC, effective Jan. 20
2. Singapore Gulf Bank plans major stablecoin entry in 2025 as more traditional players embrace crypto
3. Bitcoin Options Worth $9B Expire Friday, Traders May be Thankful for the Post-Thanksgiving Volatility
4. Senator Lummis pushes sale of Treasury’s gold to fund million-Bitcoin reserve
5. MicroStrategy Announces Proposed Private Offering of $1.75 Billion of Convertible Senior Notes

Story Summaries;

1. Gary Gensler, who has led the Securities and Exchange Commission (SEC) for the past three and a half years, announced his resignation effective January 20, 2025. This follows President-elect Donald Trump’s campaign promise to “fire Gary Gensler on day one” of his second term. Gensler’s tenure was marked by a significant increase in cryptocurrency-related enforcement, with over 90 cases filed between 2021 and 2023, primarily targeting unregistered securities offerings. His term was originally set to end in June 2026.
2. Singapore Gulf Bank is planning to raise at least $50 million by early 2025 to acquire a stablecoin payments company. Though the company’s name remains undisclosed, the funds will be used for product development, expanding its payment network, and hiring more staff. This move signals how traditional financial players are increasingly embracing digital assets, especially as Trump’s presidency may usher in more pro-crypto regulations.
3. On Friday, November 29, $9.4 billion in Bitcoin options and $1.3 billion in Ether options will expire on Deribit, potentially driving market volatility. About 45% ($4.2 billion) of Bitcoin options are in the money, with 80% of those being calls, suggesting significant profit opportunities for holders. The large number of in-the-money calls and out-of-the-money puts, combined with a max pain price of $78,000 (below Bitcoin’s current spot price of $98,000), could lead to increased volatility and upward pressure as market makers hedge their positions. This disparity may push Bitcoin closer to the psychological $100,000 level.
4. To support President-elect Trump’s goal of building a strategic Bitcoin reserve, Republican Senator Cynthia Lummis of Wyoming has proposed selling some of the Federal Reserve’s gold to fund Bitcoin purchases. The bill, set to be introduced in 2025, calls for the U.S. to acquire one million Bitcoin—about 5% of the total supply—which would cost roughly $92 billion at current prices. The proposal could mark a significant shift toward digital assets in U.S. monetary policy.
5. MicroStrategy announced plans to offer $1.75 billion in 0% convertible senior notes due 2029, with an option for an additional $250 million, in a private offering for institutional buyers. The proceeds will be used to acquire additional Bitcoin and for general corporate purposes. MicroStrategy, which holds the largest Bitcoin treasury among public companies, plans to continue its strategy of accumulating Bitcoin as a reserve asset. However, the offering remains subject to market and regulatory risks, and the final terms will depend on market conditions.

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And that’s all for last week’s news! Wishing you a great week ahead!

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