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ToggleIn both traditional finance and Crypto, there are names that can make the crypto market "hold its breath" whenever they speak. One of these is Gary Gensler, the former Chairman of the Securities and Exchange Commission (SEC). He was a Blockchain lecturer at MIT but has become a "nightmare" for the Crypto community since taking power at the SEC. From directing a series of major lawsuits against top exchanges like Binance and Coinbase to shaping legal perspectives on Bitcoin, Ethereum, and stablecoins. Who is he and why has he caused so much controversy? Let's explore with Allinstation through the article below!
[The rest of the translation follows the same pattern, maintaining the specified translations for specific terms and translating the content to English.]Gary Gensler Currently After Trump's Presidency
After Donald Trump is re-elected and takes office as the President of the United States on January 20, 2025, Gary Gensler resigned as Chairman of the U.S. Securities and Exchange Commission (SEC), ending a nearly four-year term. His resignation paved the way for a major change in cryptocurrency market regulation policy in the U.S.
After his resignation, President Trump appointed Mark T. Uyeda as Acting SEC Chairman, awaiting Senate confirmation of the official nominee Paul Atkins, a strong cryptocurrency supporter and former SEC Commissioner during President George W. Bush's administration. Atkins is expected to promote a more crypto industry-friendly legal environment.
As for Gary Gensler, he has not yet announced his next plan after resigning. However, with his extensive experience in finance and technology, he may continue to play an important role in shaping financial and cryptocurrency policy in the future.
Gary Gensler's resignation and the change in SEC leadership mark a turning point in cryptocurrency regulation policy in the U.S. Under President Trump's leadership, the cryptocurrency industry is expecting a more open legal environment that promotes innovation and development in this field.
Specifically, the Trump administration implemented several measures to loosen regulations for the cryptocurrency industry after Gensler's resignation:
- Cancellation of major lawsuits: The SEC withdrew lawsuits against Coinbase and proposed suspending the lawsuit with Binance, indicating a change in approach to cryptocurrency exchanges.
- Establishment of Cryptocurrency Task Force: The SEC established a new task force to develop a clear legal framework for digital assets, led by Commissioner Hester Peirce, known for her pro-cryptocurrency stance.
- Establishing Strategic Bitcoin Reserve: President Trump signed an executive order creating a Strategic Bitcoin Reserve, including cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, and XRP, to strengthen the U.S. position in this field.
Summary
Gary Gensler is not just a veteran financial regulator, but a key figure shaping the future of the crypto market in the U.S. With his rigid approach, he has sparked both positive and negative controversies.
While praised for efforts to protect investors, he was also criticized for hindering innovation and not providing a clear legal framework for the cryptocurrency industry. Gary Gensler's resignation and the change in SEC leadership mark a turning point in cryptocurrency regulation policy in the U.S. Under President Trump's leadership, the cryptocurrency industry is expecting a more open legal environment that promotes innovation and development in this field.
Hope this article has helped you better understand Gary Gensler, known as the "tough anti" of Crypto.
