Former SEC official believes Gary Gensler's cryptocurrency regulation is over
Former top SEC official John Reed Stark predicts a decline in #cryptocurrency enforcement under new SEC leadership.
Trump's victory in the presidential election will likely change the SEC's priorities and affect cryptocurrency regulatory policy.
Current SEC Chairman Gary Gensler has taken a tough stance on cryptocurrency companies such as #Coinbase , #Kraken and Consensys.
Former top SEC official John Reed Stark said that the U. S. cryptocurrency industry may soon face a new wave of regulatory pressure, albeit with a slight decrease in the level of enforcement against cryptocurrency companies.
partly due to the presidential election victory and the likely change in SEC leadership. Cryptocurrency companies, including such giants as Coinbase, Kraken and Consensys, are under the scrutiny of current SEC Chairman Gary Gensler.
Gensler said that his position is based on the idea that #cryptocurrencies should be treated like traditional securities. However, since Gensler took this position, there have been a series of high-profile enforcement actions.
However, some lawmakers have criticized Gensler's approach to regulation: in September, Assemblyman Richie Torres accused Gensler of broadly applying securities laws to digital assets, which he believes will stifle innovation in the industry.
And Stark now believes that in the absence of fraud and misconduct, most cryptocurrency enforcement will come to naught.
If Trump takes office, the SEC's leadership could change significantly, affecting cryptocurrency regulatory priorities. However, Gensler has said he may step down as chairman before Trump takes office.
Instead, Trump may appoint incumbent Republican SEC commissioners like Hester Pearce and Mark Uyeda as interim chairmen.
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