When Will Crypto Get to Say “See-Ya” to Gary Gensler?
The post When Will Crypto Get to Say “See-Ya” to Gary Gensler? appeared on BitcoinEthereumNews.com.
Gary Gensler’s reign as Chair of the U.S. Securities and Exchange Commission (SEC) has been characterized by fierce opposition to the cryptocurrency industry, making him a key antagonist in the sector. However, with his term expiring in 2026 and the upcoming 2024 election potentially leading to a change in leadership, many in the crypto world anticipate a shift away from his enforcement-heavy approach. Gensler’s tenure began in 2021, during which he made the pivotal decision that no new rules were needed for crypto regulation. Instead, he relied on existing securities laws, particularly the Howey test from the 1940s, to crack down on crypto companies through legal action. This has led to an enforcement-focused regulatory style, which critics argue leaves the industry in the dark, fostering confusion and stifling innovation. Gensler’s refusal to tailor regulations for digital assets has frustrated both industry players and lawmakers. Congress has also been involved, with the House passing a bill to create crypto-specific rules, though it has yet to pass in the Senate. Meanwhile, the SEC has faced resistance from lawmakers, including a majority vote in the Senate to overturn an SEC crypto accounting policy. Next year’s Congress is likely to be even more involved in crypto matters, especially with members receiving significant financial backing from the industry. Trump Likely to Show Gary the Door If Donald Trump wins the 2024 election, Gensler’s exit may be accelerated, as Trump has vowed to fire him. Even if Gensler doesn’t step down immediately, a Trump victory would likely lead to his eventual replacement by a more crypto-friendly commissioner, such as Hester Peirce, a strong advocate for the industry. Conversely, if Vice President Kamala Harris wins, Gensler’s departure may be less urgent, though her administration is expected to take a less antagonistic approach toward crypto. At Bitcoin Nashville…
Filed under: News - @ October 23, 2024 12:20 am