The pro-Bitcoin president-elect could trigger a crypto-friendly regulatory environment.
Securities and Exchange Commission (SEC) Chair Gary Gensler’s departure in January could transform the U.S. cryptocurrency regulatory landscape.
Gensler, a staunch critic of the digital assets industry, confirmed on social media platform X last week that he will resign from his role the day of President-elect Donald Trump’s inauguration.
Trump and Gensler possess contrasting views of crypto.
Gensler has cracked down on the crypto industry since he was appointed head of the SEC in 2021.
Speaking at the Piper Sandler Global Exchange and FinTech Conference in New York City last year, the outgoing SEC chief said the crypto frenzy has been rife with “Hucksters. Fraudsters. Scam artists. Ponzi schemes.”
“The crypto securities markets should not be allowed to undermine the well-earned trust the public has in the capital markets,” Gensler said. “The crypto markets should not be allowed to harm investors.”
President-elect Donald Trump has pledged to herald a change in federal crypto policy.
While he promised to fire Gensler on his first day in the White House, Trump has also proposed a plethora of pro-Bitcoin measures.
He wants to establish a national Bitcoin reserve, create a presidential crypto advisory council, and ensure all remaining Bitcoin is mined domestically.
“For too long, our government has violated the cardinal rule that every Bitcoiner knows by heart: Never sell your Bitcoin,” Trump said during a keynote address at the largest industry conference this past summer.
This is a reversal from Trump, who has called it a scam and a threat to the U.S. dollar.
“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air,” Trump said in social media posts in 2019.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
Now that the new administration features pro-crypto officials, will the SEC’s regulatory pursuits change?
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