As reported by COINOTAG on October 22, Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), wields significant influence over U.S. cryptocurrency regulation. However, his tenure may soon come to an end, as his five-year term is set to expire on January 5, 2026. Traditionally, when a new administration from the opposing political party takes office, the SEC chair typically resigns. When questioned about the implications of a potential Trump victory, Gensler refrained from making a definitive statement, emphasizing that “Elections have consequences.”
Gensler, who possesses extensive experience from his time at Goldman Sachs and as an MIT professor specializing in cryptocurrencies, has faced criticism for the SEC’s approach to crypto regulation. Notably, a bipartisan majority of senators recently expressed discontent with the SEC’s stringent crypto accounting policies, reflecting concerns that regulatory practices have been overly burdensome. Sheila Warren, of the Crypto Innovation Council, remarked on Gensler’s missed opportunities, suggesting a need for a more balanced regulatory approach that fosters innovation rather than stifles it.
At a recent Bitcoin conference, former President Trump received a favorable response when he declared that he would dismiss Gensler if elected. Given historical precedents, should the opposition win, a transition in leadership at the SEC could quickly follow. Daniel Gallagher, a former SEC commissioner, stated, “If Trump wins, crypto will win,” alluding to anticipated changes in crypto policy under new leadership.