- Trump delivers on his first promise of ending Gensler’s reign.
- Crypto-friendly Mark Uyeda becomes acting Chairman for the SEC.
- Paul Atkins may claim the seat permanently soon.
Since Trump’s official inauguration known as the Crypto Ball, the crypto market has been extra bullish and Bitcoin went on to set a new ATH at $109,114.88. However, just as Trump promised, the surprises for the crypto market seem to only be the beginning. In his election speech, he promised to fire SEC Chairman Gary Gensler and it is time to pay the piper.
Trump’s Promise to End Gensler’s Reign
Gary Gensler has now officially resigned and his ‘reign of terror’ overall this crypto in the USA is finally at an end. With a pro-crypto US President, the USA will likely experience a whole new bullish direction. The first move to the onset of this era starts with the newly appointed acting SEC Chair, Mark Uyeda.
A New Era for US Crypto Regulations
Uyeda is confirmed to be crypto-friendly and is now acting as the SEC Chair following Gensler’s resignation. The post goes on to highlight that Uyeda, a Republican commissioner since 2022, aims to reverse policies set under Gensler’s leadership. Per reports, Uyeda’s leadership could lead to resolutions in ongoing legal battles, such as the Ripple XRP case.
Gensler, known for his strict ‘regulation by enforcement’ approach, resigned as Trump was sworn in. During his tenure, the SEC initiated over 100 enforcement actions against crypto firms, including Coinbase, Binance, Ripple, and Kraken. According to the Blockchain Association, his tenure cost the industry $429 million in litigation fees.
For the permanent role of SEC Chair, the person in line is Paul Atkins. As the post above states, Trump plans to nominate former SEC Commissioner Paul Atkins as the agency’s permanent chair and Atkins, known for his market-friendly stance, is expected to shift SEC priorities away from Gensler-era policies.
