Gary Gensler: Possible Dismissal and Future of Cryptocurrency Regulation

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by Giorgi Kostiuk

2 years ago

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), may leave his position following Donald Trump's announcement of planned changes.

Gensler’s Statements on Cryptocurrencies

Bitcoin (BTC) recently experienced a sharp price drop, affecting other altcoins as well. In his speech at the 56th Annual Securities Regulation Institute, Gensler noted that most cryptocurrencies, except for Bitcoin, Ether, and stablecoins, are considered securities. He stated: 'To put this in context, aside from Bitcoin, Ether, and stablecoins, the rest of this market is about $600 billion.'

To put this in context, aside from Bitcoin, Ether, and stablecoins, the rest of this market is about $600 billion.

Will Gensler Resign?

Trump has expressed his intention to dismiss Gensler, and sources suggest he might resign after the elections. However, Gensler could remain as a commissioner at the SEC. In his announcement, which resembled a farewell speech, Gensler stated: 'It was a great honor to serve with them, to do the public’s work, and to ensure our capital markets remain the best in the world.'

It was a great honor to serve with them, to do the public’s work, and to ensure our capital markets remain the best in the world.

Gensler might step down from the SEC chair position, although it is yet to be confirmed. The presidential administration plans to propose a more crypto-friendly nominee for the post.

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