Digital assets regulation in the US remains a subject for debate, with some saying it stifles innovation and shoves investment overseas. On the other hand, some hold that it is an enabler of enhanced efficiency, competition, and investor protection within the country's capital markets.
Speaking at crypto venture capital firm BlockTower's investor day on Wednesday, Byron Donalds revealed private discussions between himself and the US presidential aspirant Donald Trump. According to the Republican congressman from Florida, Trump plans to dismantle the ‘crypto regulatory headlock.'
“In short, President Trump is ready to clean house…and it's not just a house cleaning, and then you don't know what you're going to do — there's actually a systematic process for having people who are qualified, who have done work in our industries over time in the United States” Fox Business reported, citing Donalds.
Donalds is also a prominent member of the House Financial Services Committee. The plans come amid a shared belief that Gary Gensler's contentious influence goes beyond his office as SEC chair.
Recently, Hester Peirce, one of the SEC commissioners, admitted to the agency's flawed enforcement actions. She highlighted the commission's struggles to navigate the regulatory environment for digital assets.
Peirce also criticized the commission's approach to enforcing crypto regulations despite being aware of potential legal issues. In her opinion, this was a harmful approach that undermined the SEC's institutional integrity.
“We knew ahead of time that there were legal questions about whether we have the authority to do what we did, but we moved forward,” she said.
Meanwhile, Trump committed to firing Gensler on his first day in office if he wins the November elections. As BeInCrypto reported, the crowd responded with cheers on this commitment, suggesting that many in the crypto community see Gensler as an adversary.
His policies are seen as unfairly targeting crypto companies, particularly his classification of most digital assets as unregistered securities. If Trump wins and Gensler is ousted, Dan Gallagher would be the likely successor.
To some, however, Gary Gensler's new agency reforms are value-adding and capable of enhancing efficiency, competition, and investor protection. This would be good for investors and service providers as the SEC's enforcement actions continue to hold wrongdoers accountable. Among the notable achievements is the recovery of billions of lost customer funds.
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