Gary Gensler is out as SEC Chair, and this could shake things up in the crypto world. Since taking office in 2021, Gensler didn’t make many friends in crypto. His SEC was tough on the industry, with crypto cases making up nearly one-fifth of all their enforcement actions.
He believed most cryptocurrencies were securities, which led to crackdowns on big names like Binance and Coinbase. This hard-line approach made it difficult for crypto companies to innovate without fear of running into trouble with regulators.
Things might look different under President-elect Trump’s administration. Right now, Mark Ujeda is keeping the chair warm as acting head of the SEC. But Paul Atkins is likely to take over permanently, and he’s known to be more crypto-friendly.
🇺🇸 PR0 #BITCOIN AND CRYPTO MARK UYEDA IS NOW AN ACTING CHAIR OF THE SEC 🤯
— Vivek⚡️ (@Vivek4real_) January 20, 2025
HE SAYS, “THE WAR ON CRYPTO MUST END.” pic.twitter.com/nIKC3NAXbl
There’s also Hester Peirce in the mix – nicknamed “Crypto Mom” for good reason. She’s been pushing for clearer rules and a more balanced way of dealing with digital assets. With these players in charge, we might see the SEC work with crypto companies instead of just going after them.
The long-running fight between the SEC and Ripple Labs might get interesting. Some think the new SEC leadership might prefer to settle things rather than duke it out in court forever. This could mean Ripple pays some fines but gets to move on with their business.
We’ve already seen how this kind of news moves markets – the XRP price jumped up to $3.3 on January 18th when word got out about Gensler leaving, though it’s now settled back to around $3.
The crypto market seems pretty excited about all this, and it shows – Bitcoin is flirting with all-time highs. People in the industry think new leadership could mean better days ahead for blockchain technology and investment.
The hope is that with less aggressive enforcement, companies can focus more on building and less on looking over their shoulders. But as with anything in crypto, we’ll have to wait and see how things actually play out.
Read also: Stellar Chart Looks ‘Mega Bullish’ Says Expert – XLM Price Rally Incoming?
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