Trump expected to deliver major change in SEC crypto enforcement

President-elect Donald Trump is expected to embark on a significant rollback of SEC crypto regulations when he assumes office for the second time in January. 

As reported by Bloomberg, the crypto industry will be eagerly awaiting the outcome of the new era in U.S. politics but the major change for the sector will be the anticipated departure of US Securities and Exchange Commission Chair Gary Gensler. 

Gensler has been a bulwark of resistance against digital assets, asserting archaic legislation against various companies, despite the much-publicised ambiguity that has reigned in recent times. He has led an authoritative crackdown, bringing cases against dozens of companies including the leading digital trading platform Coinbase. 

He is also on record dismissing the prospects of Bitcoin and other crypto ever becoming a widely used means of payment.

Last month, its CEO Brian Armstrong railed against Gensler and the SEC, calling for widespread changes at the government agency. Criticism of the current regime has also come internally with SEC Commissioner Mark Uyeda branding the existing approach, as “a disaster for the whole industry”. 

He has been clear and vocal in his desire for greater clarity and transparency in the crypto sector. 

As for Trump, his position appears to be clear. The upcoming 47th POTUS promised to fire Gensler on the first day of his concurrent term in office, during a headline speech at a Bitcoin event in Nashville in July.