Trump Vows SEC Shake-Up to Boost Crypto Industry

Former President Donald Trump, at a bitcoin conference, announced plans to fire SEC Chair Gary Gensler if reelected, aiming to end strict crypto regulations. Trump's promise thrilled the industry, which hopes for a crypto-friendly chair to advance their goals. A shift could significantly change crypto policy overnight.

In a significant announcement at a bitcoin conference, former U.S. President Donald Trump promised to fire the current SEC Chair Gary Gensler if he is reelected, sparking cheers from the crowd. Gensler, a crypto critic, has led numerous enforcement actions against major exchanges like Coinbase, Binance, and Kraken during his tenure.

Trump, who previously criticized cryptocurrencies as a scam, is now aligning with the industry, attracting support from donors eager to see a rollback on Gensler's strict regulations. Kristin Smith of the Blockchain Association noted the industry's desire for leaders who understand cryptocurrency.

With a potential Trump win, the crypto sector anticipates the appointment of a pro-crypto SEC chair who could reverse 2022 guidance on accounting for crypto assets and create a more favorable environment for digital currencies. The industry is also pushing for a safe harbor to facilitate token offerings outside legal shadows.

(With inputs from agencies.)