Outgoing SEC Chair Gary Gensler has once again criticized the cryptocurrency industry, describing it as a sector largely influenced by sentiment rather than solid fundamentals.
In a Bloomberg Television interview, Gensler expressed skepticism about the longevity of many cryptocurrency projects, emphasizing the urgent need for stricter regulations targeting altcoins and intermediaries in the digital asset market. He highlighted that everyday investors continue to face a lack of transparency and adequate disclosures from these entities.
Gensler highlighted that his predecessor, Jay Clayton, initiated around 80 crypto-related enforcement actions during the first term of the Trump administration. Under Gensler’s leadership, this number increased to nearly 100, indicating a heightened regulatory approach toward the crypto industry. Gensler reflected on his tenure:
“It has been an honour of a lifetime to serve… and ensure that our capital markets remain the best in the world.”
Notably, President-elect Donald Trump has reportedly approached pro-crypto advocate Paul Atkins for the position of SEC Chair, indicating a potential shift in U.S. crypto regulation. Atkins’s acceptance of the role is pending and aligns with Trump’s promise to support digital assets.
Gensler, who has faced criticism for his enforcement-heavy stance on crypto, is set to resign on January 20, 2024, as Trump takes office. If Atkins accepts the position, his appointment will require Senate confirmation, although Trump may choose to utilize a recess appointment if necessary. Atkins’s team has not yet commented on this development.
Adding to this narrative, analysts at Matrixport believe that Trump’s broader policy agenda could further support the crypto industry. Key nominees, including Cantor Fitzgerald CEO Howard Lutnick for Commerce Secretary and Scott Bessen for Treasury Secretary, are seen as advocates for digital assets. Alongside Atkins, their leadership could promote more transparent regulations and encourage the digitization of the U.S. economy, potentially sparking a “DeFi renaissance” and positioning Bitcoin as “digital gold.”
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