The U.S. crypto industry is undergoing significant changes, accelerated by the resignation of key figures from federal regulatory bodies.
Departure of Key Figures
Federal Reserve Vice Chair for Supervision Michael Barr and SEC Chair Gary Gensler are stepping down. These changes are seen as a shift towards more favorable policies for digital assets. Michael Barr attributed his resignation to disputes over his supervisory role. Other key figures, such as SEC Commissioner Jaime Lizárraga and Enforcement Director Gurbir Grewal, are also leaving their positions.
Market Reaction
These changes have been welcomed by many in the crypto industry. Samuel Armes, founder of the Florida Blockchain Business Association, called Barr's departure 'a huge win.' Ripple CEO Brad Garlinghouse noted positive shifts in sentiment among traditional finance leaders following Trump's election victory. Ripple has reported signing more new clients in the six weeks following the election than in the previous six months. 'This is not just about crypto prices,' Garlinghouse emphasized.
Future of Crypto Regulation
Trump's administration is forming the first White House Crypto Council to develop policy and legislation. However, experts like NYU Stern's Austin Campbell warn that reshaping the approach of U.S. banking regulators to digital assets will require significant effort. The roles of the Department of Treasury and IRS will remain crucial in shaping the industry's future.
With the new administration preparing to take office, the crypto community is closely watching developments, hopeful that leadership changes mark the start of a more collaborative and forward-thinking era for digital assets in the U.S.
