Gary Gensler is very close to his departure date from the United States securities regulator, the SEC, and now cryptocurrency enthusiasts, including some SEC officials, believe that new leadership will adopt the ProCrypto approach to regulate this innovative space.
Gary Gensler is the current chairman of the United States Securities and Exchange Commission (SEC). Gensler is known for his cryptocurrency-hating stance against the Crypto sector. Under his leadership, the SEC body not only took enforcement action against bad cryptocurrency players, but also against good players who followed all possible traditional rules and laws. In November of this year, Gensler confirmed that he will resign from the position of SEC Chairman on January 20, 2025.
President-elect Donald Trump also announced his plan to nominate Paul Atkins as the next chairman of the SEC body. Atkins is a former SEC commissioner and is also known for his ProCrypto stance.
Cryptocurrency enthusiasts believe Atkins will reduce regulatory burdens and promote crypto innovation, in the name of his previous tenure at the SEC agency.
Many experts pointed out that even if Atkins were to follow a neutral stance towards the crypto sector, then in that situation, the current Republican proCrypto commissioners Hester Peirce and Mark Uyeda will play a vital role in pushing the rules of cryptoproCrypto laws.
Speaking recently at the Blockchain Association Policy Summit, SEC Commissioner Peirce stated that the security regulator has multiple legal tools at its disposal, although law enforcement has often been the preferred method of regulating cryptocurrencies. He stated that the incorporation of new commissioners would change the position of the regulatory body of this innovative space.
Another ProCrypto SEC commissioner, Uyeda, stated that the crypto sector needs transparency regarding regulatory rules and laws, hinting at a new discussion on this matter in private among US government authorities.
Uyeda also spoke about the importance of the Administrative Procedure Law, which allows the public to share comments on the new regulations and ensures accountability.
Both SEC commissioners mainly talked about the approach of public participation in policymaking related to the crypto sector.
Also read: Japan rejects “Bitcoin Strategic Reserve” proposal but hints at future adoption
