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Gensler’s Last Attack Against Crypto May Lead to More Lawsuits

Andras Crow-Hreidar by Andras Crow-Hreidar
November 8, 2024
in Crypto, News
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Ron Hammond, the director of government relations at the Blockchain Association, has recently provided his perspective on the evolving landscape of the Securities and Exchange Commission (SEC) under the leadership of Gary Gensler. With political pressures mounting and the potential for significant shifts in the coming months, the future of cryptocurrency regulation hangs in the balance.

Could Gensler Take More Aggressive Action Before Leaving?

In a recent interview with Thinking Crypto, Ron Hammond offered insights into whether SEC Chairman Gary Gensler might increase enforcement actions before his departure. Hammond suggested that such a scenario is entirely plausible, given past instances where the SEC’s decisions appeared influenced by political dynamics. For example, the unexpected approval of a Bitcoin ETF illustrated how political pressure can shape the SEC’s actions.

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Hammond further elaborated that political forces could continue to influence Gensler’s decisions, potentially leading to more lawsuits or aggressive actions by the SEC before Gensler steps down. With Gensler’s tenure marked by controversy, there is a possibility that the SEC might make more “last-minute” moves in the coming months. These actions could have significant implications for the cryptocurrency market and regulatory landscape.

Were Recent SEC Actions Politically Motivated?

Delving into recent SEC enforcement actions, Hammond highlighted the case involving Coinbase as a noteworthy example. The SEC issued a Wells notice to Coinbase just hours before the company was scheduled to testify before a House committee. This timing has raised questions about whether the SEC’s actions were strategically planned to influence discussions about the structure and regulation of the crypto market.

Hammond’s observations suggest that such actions could be politically motivated, aiming to assert control over the rapidly evolving cryptocurrency space. The implications of these actions are significant, potentially affecting the trajectory of regulatory policies and the future of crypto businesses in the United States.

Will Gary Gensler Resign Soon?

Looking to the future, Hammond expressed optimism that Gary Gensler might step down by the end of the year. A change in leadership at the SEC could herald substantial shifts in the organization’s approach to cryptocurrency regulation. However, Hammond cautioned that even with Gensler’s resignation, the challenges facing the crypto industry would not disappear overnight. The new leadership’s stance on cryptocurrencies remains uncertain, and whether it will be more favorable to the industry is yet to be seen.

What’s Next for Crypto Regulation?

The future of cryptocurrency regulation is fraught with uncertainty. Hammond emphasized that much will depend on the individual who assumes leadership at the SEC. The new leader’s policies will be instrumental in determining whether the SEC becomes more accommodating to the cryptocurrency industry. As the crypto market continues to evolve, stakeholders remain vigilant, anticipating how regulatory frameworks will adapt to this dynamic sector.

In conclusion, the trajectory of the SEC and its impact on cryptocurrency regulation is poised for potential change. As political pressures and leadership transitions unfold, the cryptocurrency industry must stay informed and agile, ready to navigate the regulatory challenges and opportunities that lie ahead.

Tags: Crypto newscryptocurrencyRipple (XRP)
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Andras Crow-Hreidar

Andras Crow-Hreidar

Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.

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