As a researcher with a keen interest in financial regulations and digital assets, I find myself closely following the developments at the SEC, particularly regarding the future of cryptocurrencies under the new administration. The potential removal of Gary Gensler, who has been a strong advocate for crypto regulation, could significantly impact the industry’s trajectory.
The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, who may soon step down due to the incoming presidency of Donald Trump, has once again expressed his views on cryptocurrency regulations and law enforcement matters.
In a speech at the Practicing Law Institute on November 14, Gensler emphasized that during his tenure as commission head, his primary concern with digital assets was ensuring that parties registered and provided accurate information to the public for approximately 10,000 tokens classified as securities. Additionally, he highlighted the SEC’s approval of spot Bitcoin (BTC) exchange-traded funds and BTC futures investment vehicles during his leadership, but criticized certain crypto companies for failing to adhere to “common-sense road rules.
Gensler stated, “For many years now, there has been a great deal of investor damage in this area. Beyond speculation and potential illegal uses, most cryptocurrencies have not demonstrated practical long-term applications. All our actions are geared towards upholding the law.
Despite the SEC chair’s term ending in June 2026, Trump indicated to cryptocurrency users that if re-elected, he planned to dismiss Gensler from his position immediately, which could signal a shift in the commission’s approach towards crypto regulation. However, experts believe that the president-elect lacks the authority to terminate Gensler without just cause, and the SEC chair has shown no signs of resigning.
Uncertain regulatory future for digital assets
Ever since Donald Trump secured another term on November 5th, numerous crypto users have been urging him to fulfill his pledges towards the industry. These promises ranged from making all Bitcoin mined domestically, pardoning Ross Ulbricht – the founder of Silk Road, and halting progress on the development of a central bank digital currency.
It’s uncertain whether Trump has the power to dismiss Gensler from the SEC. If he were to select a new person, they would need Senate confirmation. However, Republicans have hinted that Trump might try to circumvent the Senate by making recess appointments for his cabinet and staff members. As of now, no one has been named as a possible replacement for Gensler.
Read More
- HBAR PREDICTION. HBAR cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- STEEM PREDICTION. STEEM cryptocurrency
- 15 Games Everyone Wants Sequels For
- EUR AED PREDICTION
- POL PREDICTION. POL cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- BDX PREDICTION. BDX cryptocurrency
2024-11-14 19:16