- Garlinghouse expects better engagement with the next administration.
- The Ripple CEO wants Gensler out.
- Crypto pundits are optimistic of a thaw in Washington’s anti-crypto stance.
Gary Gensler, the chair of the US Securities and Exchange Commission, is public enemy number one for the crypto industry in the US.
Many crypto leaders want him gone and that includes Ripple CEO Brad Garlinghouse.
“Gary Gensler’s reign of terror on the crypto industry is going to come to an end very soon,” Garlinghouse said in a Wednesday interview on Bloomberg Television.
Garlinghouse said the industry is optimistic of “a more constructive engagement” with the next US administration, regardless of who wins the upcoming election ― former President Donald Trump or Vice President Kamala Harris.
The SEC, under Gensler, has brought enforcement action against several US crypto stalwarts including Coinbase, Kraken, and Consensys. Ripple is also locked in a long-running battle with the SEC, but that began shortly before the start of Gensler’s tenure.
A new US president is seen marking a departure from the Biden administration’s approach to the industry.
Crypto influencers have accused the Biden administration of devising anti-crypto strategies to stifle the industry.
Gensler and Democratic lawmakers including Massachusetts Senator Elizabeth Warren have been criticised for their role in enacting what they see as anti-crypto policies.
Warren’s challenger for the Senate seat, John Deaton, has secured significant backing from crypto bigwigs including the Winklevoss twins and Garlinghouse.
At least six other senate races, including those in Ohio and Wisconsin, involve contestants with significant crypto ties vying to unseat anti-crypto incumbents.
The outcomes of those polls could also shape the future of crypto regulations.
Meanwhile, Republicans have courted favour from the crypto crowd. Trump was anti-crypto as president, but has done an about-turn and has this year touted the industry.
Trump, his family, and associates have launched World Liberty Financial, a DeFi protocol for stablecoin lending.
Harris hasn’t been as vocal about crypto in her campaign, but her political associates claim the Democratic candidate is keen to reset how the government deals with the industry.
Gensler may be a victim of that reset.
That’s what some of her close allies, including SkyBridge founder and former White House staffer Anthony Scaramucci and billionaire entrepreneur Mark Cuban have proposed.
Cuban said last month that Gensler’s resignation would be “worth a point in GDP growth,” while also saying he’d be interested in chairing the SEC.
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.
