- Garlinghouse expects better engagement with the next administration.
- Ripple CEO wants Gensler to step down.
- Crypto experts are optimistic that Washington’s anti-crypto stance will thaw.
Gary Gensler, Chairman of the United States Securities and Exchange Commission, is the public enemy number one of the crypto industry in the United States.
Many crypto leaders want it to go away, including Ripple CEO Brad Garlinghouse.
“Gary Gensler’s reign of terror over the crypto industry is going to end very soon,” Garlinghouse said in an interview Wednesday on Bloomberg Television.
Garlinghouse said the industry was optimistic about “more constructive engagement” with the next US administration, regardless of who wins the next election – former President Donald Trump or Vice President Kamala Harris.
The SEC, under Gensler’s leadership, has initiated enforcement actions against several US crypto stalwarts, including Coinbase, Kraken, and Consensys. Ripple is also engaged in a long-running battle with the SEC, but that began shortly before Gensler’s tenure began.
The arrival of a new US president marks a departure from the Biden administration’s approach to the industry.
Crypto influencers have accused the Biden administration of crafting anti-crypto strategies to stifle the industry.
Gensler and Democratic lawmakers, including Massachusetts Sen. Elizabeth Warren, have been criticized for their roles in implementing what they see as anti-crypto policies.
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Warren’s challenger for the Senate seat, John Deaton, has garnered significant support from crypto bigwigs, including the Winklevoss twins and Garlinghouse.
At least six other Senate races, including those in Ohio and Wisconsin, involve candidates with significant crypto ties vying to unseat anti-crypto incumbents.
The results of these polls could also shape the future of crypto regulation.
Meanwhile, Republicans have courted favor with the cryptocurrency crowd. Trump was anti-crypto as president, but turned around and touted the industry this year.
Trump, his family and associates launched World Liberty Financial, a DeFi protocol for stablecoin lending.
Harris hasn’t talked as much about crypto during her campaign, but her political associates say the Democratic nominee wants to rethink how the government treats the industry.
Gensler could be a victim of this reset.
That’s what some of his close allies, including SkyBridge founder and former White House staffer Anthony Scaramucci and billionaire entrepreneur Mark Cuban, are proposing.
Cuban said last month that Gensler’s resignation “would be worth one point of GDP growth,” while also saying he would be interested in chairing the SEC.
Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. It covers DeFi and technology. To share tips or story information, please contact him at osato@dlnews.com.
