Phew! Crypto-currency holders can rejoice: Gary Gensler, the tireless anti-crypto and current SEC chairman, might as well pack up. In a speech this Thursday at the Practice Law Institute’s 56th annual Securities Regulatory Institute, Gensler talked about a possible farewell, or at least took stock of his experience. “It has been a great honor to serve with them, to do people’s work and ensure that our capital markets remain the best in the world,” he said. A speech that looks a lot like a departure speech, doesn’t it? We are taking inventory.
- Gary Gensler, the chairman of the SEC and a notorious opponent of cryptocurrencies, has spoken about a possible exit, raising hopes among cryptocurrency holders.
- The election of pro-crypto Donald Trump could hasten Gensler’s departure, potentially paving the way for more favorable cryptocurrency regulation.
Trump in power: Game over for Gary Gensler?
For those who follow cryptocurrency news, this is not really a surprise. Pro-crypto and new President of the United States Donald Trump promised during his campaign that he would oust Gensler “on day one” of his term.
And with Trump’s victory, Gensler now appears to be in the firing line. According to some sources, Gensler is inclined to follow the path of former SEC leaders by resigning, but he could still stay on as commissioner, just to make things a little more difficult for the crypto industry, as usual.
“It was a great honor to serve with them, to do the people’s work and ensure that our financial markets remain the best in the world (…) I was proud to serve with my colleagues at the SEC who, day in and day out, work to protect the American families on the financial roads”
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Gensler’s latest anti-crypto salvo
Of course, Gensler didn’t fall for the ultimate attack on cryptocurrencies. While he was tipped to be on the verge of being kicked out today, he called on exchanges to register with the SEC and reiterated that he said many of the 10,000 digital assets in circulation were non-compliant “financial securities”.
“For context, outside of Bitcoin, Ether and stablecoins, the rest of this market is around $600 billion, or less than 20% of the total crypto market and less than 0.25% of global capital markets”
So, Gary, is it almost over? We’ll have to wait to be sure. Investors and players in the sector who have had to contend with one of the most hostile regulators towards cryptocurrencies can only hope! If Gensler leaves the SEC, it could pave the way for regulation to be more open and supportive of digital innovation, especially with Trump at the helm.
The question on everyone’s mind now is: who will replace Gary Gensler? Case for continuation in Le Journal du Coin.
