Today in crypto, SEC Chair Gary Gensler announced his intention to step down from his role on January 20, 2025, coinciding with President-elect Donald Trump's return to the Oval Office. Gensler has been known for his stringent stance on cryptocurrencies, aiming to classify many digital tokens as securities. Meanwhile, the Sui blockchain experienced a significant outage, halting block production for over an hour. This incident drew criticism from industry observers who had previously touted Sui as a potential rival to Solana. Following the outage, Sui's native cryptocurrency fell nearly 11%, although it remains up around 75% over the past month. The Sui Foundation confirmed that the downtime was caused by a bug and has since been resolved. In other news, Avik Roy, co-founder of a prominent think tank, criticized Senator Cynthia Lummis’ proposal for a Bitcoin reserve, stating it would not sufficiently address the U.S. debt crisis, which has reached $35 trillion. He emphasized the need for budgetary reforms in addition to any Bitcoin strategies.

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