Gary Gensler's tenure as SEC chair is ending, and many in the crypto industry are unlikely to mourn his departure. Under his leadership, the SEC conducted a rigorous campaign against digital asset companies, often described as damaging and unfair. Gensler failed to provide necessary clarity for compliant crypto business operations. Critics argue he, alongside Senator Elizabeth Warren, aimed to undermine the entire industry. However, it's important to recognize that Gensler's challenges were not entirely of his own making. While the lack of legislative support from Congress for digital assets is notable—no new laws have been passed in 16 years—Gensler's push for regulation did not lead to legislative solutions. Additionally, he was required to respond to significant scandals like FTX, which occurred during his term. The dual-regulatory system in the U.S., where the SEC and CFTC oversee different aspects of the crypto market, has only added to the confusion for both regulators and industry participants. Although Gensler's policies may have created hurdles for the sector, assuming that his exit will resolve all regulatory issues may be overly optimistic.

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