Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
Most Securities and Exchange Commission chiefs step down after a new president arrives, and for the crypto industry, Chair Gary Gensler's final moment is a point of high interest.
More than any other figure in the U.S. government, this SEC chair played an unflinching antagonist to its aims. That no-holds-barred opposition to the way crypto companies want to do business is likely to cease, one way or another, in the coming year, when the securities agency gets a new boss. A former Goldman Sachs Group Inc. banker and Massachusetts Institute of Technology professor who lectured on crypto, Gensler has a deep well of financial and even digital-assets knowledge. And as the chair of the Commodity Futures Trading Commission after the global mortgage implosion in 2008, he cut his government teeth crafting novel, high-stakes regulation.
"Five years from now, we'll look back in the rearview mirror and say, 'Why couldn't we have done this sooner?'" Piwowar said."Chair Gensler’s tenure at the SEC has been marked by missed opportunities," said Sheila Warren, who runs the Crypto Council for Innovation. She argued that Gensler has left U.S. businesses"operating in the dark" by leaning into enforcement rather than regulation.
Most of the crypto space is breaking the law, according to the narrative he stands by, and its practitioners are threatening people's money with dicey business practices while they continue to evade compliance. Just last week, the SECone of the biggest trading firms in financial markets , Chicago-based DRW, accusing the company of not getting proper permission to trade crypto assets.
Kelleher, who said he'd be"more than pleased" if Gensler stayed on, sees strong odds against that scenario playing out.
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