- The “War on Crypto” has hamstrung the industry.
- The incoming US administration sees crypto as a key growth industry.
- Whispers around the SEC suggest Gary Gensler‘s time may be running short.
President-elect Donald Trump has vowed to transform the US into the global crypto capital, promising policies that energize the domestic digital asset sector. This marks a decisive shift from the previous administration’s approach, characterized by regulatory ambiguity and an aggressive campaign of “regulation by enforcement.”
This turbulent era, often referred to as the “War on Crypto,” saw widespread industry crackdowns led by SEC chair Gary Gensler . However, with Trump preparing to take office in January, the stage for sweeping reforms in the crypto landscape is set.
Gensler’s Goodbye?
With Trump set to take office in January, major political shifts are already in motion, with the SEC at the center of attention. Accused of spearheading the “War on Crypto” under Gensler’s watch, the agency now appears poised for a leadership shakeup.
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In a recent statement, Gensler emphasized the importance of “common-sense rules” to protect the public but ended with a notable remark, “I’ve been proud to serve with my colleagues at the SEC.” Many have interpreted this as a farewell, though no official resignation has been announced.
Amid growing calls for Gensler’s departure, CNBC delved into possible successors during a conversation with MicroStrategy Chair Michael Saylor. While Saylor refrained from naming specific candidates, he expressed confidence that new leadership would bring a more crypto-friendly approach, benefiting the entire industry.
Adding fuel to the fire, Ripple CEO Brad Garlinghouse joined the fray, donning a tongue-in-cheek t-shirt mocking the SEC while speculating on Gensler’s possible departure.
Jimmy Song Slams Sh*tcoins
The possibility of Gensler stepping down has sparked a flood of humorous posts across social media, conveying a sense of relief and anticipation over a new direction for the agency’s approach to cryptocurrency.
However, not everyone views Gensler’s tenure negatively. Bitcoin maximalist Jimmy Song defended the SEC chair by implying that enforcement actions against altcoins were necessary and justified to protect investors.
Regulators generally view Bitcoin as the only “safe” cryptocurrency, considering it “truly decentralized.” Unlike all other cryptocurrencies, Bitcoin has no central leader, no pre-mined tokens, and a fair token distribution.
In a 2018 Medium post, Song dismissed altcoin innovations as inferior, claiming Bitcoin’s “decentralized digital scarcity” is the ultimate breakthrough and that no other token can ever replicate that.
This perspective underscored the debate that altcoins exist to enrich founders and early backers, which has driven the SEC’s approach to regulating them under Gensler.
On the Flipside
- Several US states are suing the SEC over its maltreatment of the crypto industry.
- Gensler has hinted at resigning before only for it to be fake out.
- Under Gensler’s leadership, the SEC approved US BTC ETF products, though critics would argue that this was through sustained legal pressure and market demand rather than willing cooperation.
Why This Matters
Gensler’s expected exit could end the SEC’s “regulation by enforcement” era, potentially challenging Bitcoin’s privileged status and opening the floodgates for legitimate altcoin innovation.
Brad Garlinghouse steps up the pressure on Gary Gensler.
Ripple Execs Urge Trump to Fire SEC’s Gensler Immediately
Bitcoin price boom has Michael Saylor ready to celebrate the $100K milestone.
Epic Bitcoin Party Planned by Saylor Once $100K Hits
