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President-elect Donald Trump is expected to embark on a significant rollback of SEC crypto regulations when he assumes office for the second time in January.
As reported by Bloomberg, the crypto industry will be eagerly awaiting the outcome of the new era in U.S. politics but the major change for the sector will be the anticipated departure of US Securities and Exchange Commission Chair Gary Gensler.
Gensler has been a bulwark of resistance against digital assets, asserting archaic legislation against various companies, despite the much-publicised ambiguity that has reigned in recent times. He has led an authoritative crackdown, bringing cases against dozens of companies including the leading digital trading platform Coinbase.
He is also on record dismissing the prospects of Bitcoin and other crypto ever becoming a widely used means of payment.
Last month, its CEO Brian Armstrong railed against Gensler and the SEC, calling for widespread changes at the government agency. Criticism of the current regime has also come internally with SEC Commissioner Mark Uyeda branding the existing approach, as “a disaster for the whole industry”.
He has been clear and vocal in his desire for greater clarity and transparency in the crypto sector.
SEC commissioners could be split on party lines
As for Trump, his position appears to be clear. The upcoming 47th POTUS promised to fire Gensler on the first day of his concurrent term in office, during a headline speech at a Bitcoin event in Nashville in July.
𝗧𝗿𝘂𝗺𝗽𝘀 𝗖𝗿𝘆𝗽𝘁𝗼 𝗔𝗴𝗲𝗻𝗱𝗮
During BTC Nashville, Trump promised:
0:00 US will be the crypto capital of the planet and BTC superpower
0:14 mined in the US
0:32 On day one, he will fire Gary Gensler
0:38 Pro innovation
0:42 Hold 100% of US crypto holdings pic.twitter.com/qml5H0MYkl
— Hofer (@hoferishere) November 6, 2024
A new SEC Chair under President Trump could bring about more favorable terms, with clearer legislation enacted, working toward a more practical framework with an understanding of the unique aspects of digital currencies.
However, a new dawn will not be a simple process, nor is it guaranteed to be a smooth transition.
Sensing the writing on the wall, Gensler could opt to stand down before Trump is inaugurated after the turn of the year. Before he does, he could seek to push through live cases, while staff may be reluctant to do so with the prospects of immediate change on the horizon.
There is also the possibility of Gensler’s exit creating a stalemate with SEC commissioners split evenly on partisan party lines.
What we do know is that the crypto industry is looking forward to a new era, one that it hopes will see progress and growth, underpinned by a clear framework, following what it perceives as a prolonged period of crackdown and consternation.
Image Credit: Via Midjourney
