Gary Gensler\u2019s SEC has conducted one of the most aggressive regulatory crackdowns on the crypto industry in US history, viewing most digital assets as unregistered securities under decades-old finance laws.<\/p>\n
However, the recent Republican landslide at the polls could result in a rollback of enforcement action from the securities regulator, according<\/a> to Bloomberg.<\/p>\n Additionally, President Trump pledged at the Bitcoin Nashville conference in July that he would fire <\/a>Gensler<\/a> \u201con day one\u201d when he was elected.<\/p>\n Gensler\u2019s replacement is expected to push forward new regulations that will modify existing securities laws. This will enable crypto companies to register and become compliant with rules that Gensler has been suing them for flouting, the report noted.<\/p>\n Jack Inglis, CEO of the London-based Alternative Investment Management Association, said, \u201cWe expect that both the Trump administration\u2019s and new Congress\u2019 approach to crypto regulation to be much more constructive.\u201d<\/p>\n A change in SEC leadership could lead to new regulations more accommodating to crypto companies, a reduced focus on enforcement and lawsuits, and better prospects for bipartisan legislation.<\/p>\n On Nov. 7, ETF Store president Nate Geraci mockingly predicted<\/a> that Gensler would \u201cjoin a crypto-related firm post-Trump inauguration,\u201d adding, \u201cYou all are gonna meltdown!\u201d<\/p>\n Former SEC enforcement director William McLucas said using the decades-old Howey Test was not a good approach, adding:<\/p>\n \u201cThat can\u2019t be the solution because whether you like crypto or you don\u2019t like crypto, it\u2019s not going away. The enforcement cases that have been brought are what they are, but they keep bringing them, and we keep seeing crypto products,\u201d<\/p>\n Coinbase chief legal officer Paul Grewal told Fox Business that he expects to see \u201csignificant changes\u201d to the SEC\u2019s crypto caseload under a new Trump-appointed chair.<\/p>\n \u201cI think the new administration will take a fresh look at all the existing crypto cases brought under Gary Gensler and distinguish between the ones aimed at what are clearly scams and fraud and ones that are not.\u201d<\/p>\n Like I\u2019ve said: stop suing crypto. Start talking to crypto. Initiate rulemaking now. There\u2019s no reason to wait. https:\/\/t.co\/xBcvpGRk6e<\/a><\/p>\n \u2014 paulgrewal.eth (@iampaulgrewal) November 7, 2024<\/a><\/p>\n\n President and CEO of the American Securities Association, Chris Iacovella, told Bloomberg, \u201cLast night, the people voted for this country to take a new direction, and Chairman Gensler should respect that vote by stepping down from his position immediately.\u201d<\/p>\n During his \u2018reign of terror<\/a>\u2019 as SEC chair, Gary Gensler has targeted some of the largest crypto companies in the United States and overseas, including Ripple, Coinbase, Binance, Kraken, DRW Holdings, OpenSea, ConsenSys, and Uniswap.<\/p>\n Nearly every case has revolved around the same premise: his opinion that digital assets are securities contracts.<\/p>\n As if anticipating calmer regulatory seas ahead, crypto markets have surged to a five-month high, with Bitcoin leading<\/a> the pack.<\/p>\n The post SEC War on Crypto Could Wind Down Under Trump<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Gary Gensler\u2019s SEC has conducted one of the most aggressive regulatory crackdowns on the crypto industry in US history, viewing most digital assets as unregistered securities under decades-old finance laws. However, the recent Republican landslide at the polls could result in a rollback of enforcement action from the securities regulator, according to Bloomberg. Additionally, President […]<\/p>\n","protected":false},"author":0,"featured_media":18588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-18587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18587"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18587"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/18587\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/18588"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Time for a Change<\/h2>\n
Ending The War on Crypto<\/h2>\n