Just one week before the elections in the United States, the Cryptocurrency sector is optimistic about a possible victory for Donald Trump. The general hope in the industry is that a new administration will end the “regulatory war” that has affected the crypto ecosystem. Coinbase CEO Brian Armstrong goes even further, suggesting that the next SEC should apologize to the industry.
Since Gary Gensler became SEC chairman, the agency has maintained a tough stance against crypto companies, considering many cryptocurrencies to be unregistered securities under its jurisdiction. Thus, Gensler launched a compliance campaign through sanctions that, especially since 2022 with the collapses of Luna and FTX, intensified significantly.
The multiple lawsuits and restrictions imposed by the SEC have affected the sector, causing considerable losses and inhibiting innovation. According to Coinbase, Gensler has repeatedly avoided providing clear regulations for the crypto world.
The crypto industry hopes that a Trump victory will bring a more favorable approach. Armstrong and other leaders are seeking, in addition to regulatory clarity, the next administration to reject Gensler’s aggressive stance and apologize to the industry for the negative impact of the SEC’s actions in recent years.
The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.
It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. pic.twitter.com/kWVx73vYMs
— Brian Armstrong (@brian_armstrong) October 29, 2024
A hypothetical Trump victory, a boost for the crypto industry
Armstrong has been one of Gensler’s most vocal critics, whom he has questioned over his changing position on tokens and their consideration as securities. On X, Armstrong shared a series of quotes from the official that reflect contradictions over the years: in 2018, Gensler claimed that tokens were not securities; in 2021 he said that they were; In 2024 he defined them as “programmable codes”, and then reclassified them as values days later.
These inconsistencies also encompass Gensler’s position on whether the SEC has the authority to regulate the crypto sector and whether there is clear regulation for this industry. In 2020, he stated that there was not enough regulation; in 2023, assured that adequate regulations have existed for more than 90 years. This lack of coherence, coupled with the SEC’s legal actions, has impacted innovation and growth in the sector.
Trump has declared that, if he wins the election, he will remove Gensler on his first day in office. This commitment has generated great support in the crypto sector, which sees in it a possibility of change and a more favorable approach towards the industry.
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