At the beginning of 2023, Gensler stated that most cryptocurrencies, except for Bitcoin, could be considered securities based on various criteria and should comply with securities laws. Special attention is given to cryptocurrencies operating on the Proof-of-Stake (PoS) algorithm, such as Ethereum, Cardano, and Solana. In this mechanism, transactions are validated using staked coins provided by network validators, rather than the computational power of miners.

The SEC has initiated high-profile cases against companies such as Ripple Labs, Binance, Coinbase, Kraken, and Consensys, the developer of the popular Metamask wallet. These cases involve allegations of trading unregistered securities. Companies argue that the SEC's actions create regulatory uncertainty, harming the entire crypto industry.

In court documents, Coinbase noted that the SEC is trying to establish its jurisdiction over digital assets through a series of punitive measures. The crypto community hopes that the upcoming U.S. presidential election will lead to an administration that adopts a softer approach to cryptocurrency regulation.

One of the most notable cases initiated by the SEC is against Ripple Labs. In December 2020, the SEC accused the company of selling unregistered securities under the guise of XRP tokens worth $1.3 billion. Ripple Labs denied the charges, emphasizing that the SEC did not allege fraud or negligence.

In the summer of 2023, a court ruled that the sale of XRP to private investors is not equivalent to trading securities, although the issue of selling tokens to large investors under pre-arranged agreements remains unresolved. Brad Garlinghouse, CEO of Ripple Labs, stated in July 2023 that the case with the SEC would soon be settled, hinting at a possible change in administration at the White House.

Experts predict that a Trump administration might lead to a reset of the SEC's cryptocurrency regulation policies, resulting in a review of current actions and investigations. Austin Campbell, a blockchain consultant and professor at Columbia Business School, noted that if Trump is re-elected, Republicans could immediately replace the SEC chairman.

However, other experts, such as Ji Kim, chief legal and policy officer at the lobbying group Crypto Council for Innovation, are less optimistic. Kim noted that a change in the SEC chairmanship could lead to changes in regulatory policy through a review of current enforcement measures, but much will depend on the leadership and composition of the commissioners.

Therefore, the future of cryptocurrency regulation in the U.S. largely depends on the outcome of the upcoming elections and potential changes in the SEC leadership.