Trump's second term as president begins on January 20.
Gary Gensler has long been a strong advocate for regulating the cryptocurrency industry. His actions were met with criticism and unrest within the crypto community, which accused the agency of "regulation by enforcement," especially after the SEC took action against major companies such as Coinbase, Binance, and Kraken.
Gensler began his tenure at the SEC on April 17, 2021, focusing on various aspects of financial market regulation. He led efforts for centralized clearing in Treasury bond markets, implemented changes in the relationship between executive compensation and performance. Besides, he continued his work on protecting investors in cryptocurrency markets. However, his stance that most cryptocurrencies are securities led to confrontations with other regulators, such as the Commodity Futures Trading Commission (CFTC).
His resignation announcement coincided with Donald Trump's election campaign. At the same time, there are discussions about the possibility of creating a new position at the White House focused on cryptocurrencies.
According to Bloomberg, Trump's team is consulting with industry leaders to determine the necessity of this position, selecting potential candidates. If Trump moves forward with the creation of this agency, there will be the first position in White House history dedicated to cryptocurrencies.
Potential candidates for this new role include figures such as Coinbase CEO Brian Armstrong, former Coinbase and Binance executive Brian Brooks, and former CFTC Chairman Chris Giancarlo, who is often referred to as Crypto Dad by the community. These management changes and discussions around cryptocurrency policy have set the stage for a surge in Bitcoin prices, which have conquered historic highs.
