SEC chairman’s controversial reign over crypto is nearing ‘dusk’

BlockBeats news, October 22, according to CoinDesk, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), is arguably the individual with the greatest influence on the direction of U.S. cryptocurrency policy, but his days in office are numbered. Gensler's five-year SEC term will expire on January 5, 2026, but according to tradition, if the opponent party enters the White House, the SEC chairman will step down. When reporters recently asked him if he would resign if Trump won, Gensler chuckled and said he would not comment on the election. But he added, "Elections have consequences."

Gensler is a former Goldman Sachs banker and MIT professor who has taught cryptocurrencies and has a deep knowledge of finance and crypto assets. This year, the vast majority of senators voted to overturn a key crypto accounting policy of the SEC, indicating that they believe the SEC's regulatory actions are excessive. Sheila Warren, head of the Crypto Innovation Council, said: "Chairman Gensler has missed a lot of opportunities during his tenure at the SEC. Gensler favored enforcement over regulation, allowing American companies to "operate in the dark."

Former President Trump won warm applause at a Bitcoin conference in July when he told attendees that he would fire Gensler. Trump's victory will bring a storm for the SEC chairman. When the opposing party enters the White House, SEC chairmen usually resign immediately, or at the latest when the new president takes office two months after Election Day. Former SEC Commissioner Daniel Gallagher recently predicted at an event in Washington, "If Trump wins, crypto will win."