Crypto Boss Urges Gary Gensler To Be Removed From SEC Chair Position

JAKARTA - In the midst of the heated up of crypto regulatory issues in the United States, a number of crypto industry executives gathered at the White House on Thursday, August 7, 2024, to discuss the future direction of digital asset regulation in Uncle Sam's country.

This meeting, initiated by members of the US Congress, Rep. Ro happened to be a place for in-depth discussions on policies that have the potential to change the landscape of crypto regulation in the US, including pressure to remove the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler.

The meeting was attended by key officials such as US Deputy Treasury Secretary Wally Adeyemo, National Economic Council Director Lael Brainard, and White House Deputy Chief of Staff Bruce Reed.

Kristine Lucius, Director of Legislative Affairs for Vice President Kamala Harris, also participated in this meeting. In terms of the crypto industry, Ripple CEO Brad Garlinghouse, founder of Uniswap Hayden Adams, Circle CEO Jeremy Allaire, and billionaire Mark Cuban, took part in this important discussion.

Crypto executives expressed their concern about the SEC's approach to being too aggressive under Gary Gensler's leadership. They considered the SEC's policies to be an obstacle to the innovation and development of the crypto industry. "We need regulations that support innovation, not hinder it," said Brad Garlinghouse, CEO of Ripple.

One of the main topics discussed is the view of Vice President Kamala Harris regarding the crypto industry, especially regarding the possibility that Wally Adeyemo would be appointed Minister of Finance if Harris was elected president.

Adeyemo is known as a crypto-critical figure, assessing that digital currencies have the potential to be used for criminal activities and threaten national security. This has caused anxiety among the crypto community about the future of digital assets in the US if Adeyemo actually serves as Minister of Finance.

Meanwhile, former President Donald Trump confirmed that if re-elected, one of his first steps would be to fire Gary Gensler. In line with that, Cameronhubunganvoss, founder of Gemini, urged Kamala Harris to support the crypto industry by removing Gensler. John Deaton, one of the crypto supporters, also encouraged Harris to show his support for the crypto community by supporting Gensler's removal.

With the approaching presidential election in 2024, the issue of crypto regulation is an important concern and efforts are sought to remain non-partisan. Although Donald Trump appears pro-crypto, Kamala Harris has not made many statements regarding this, although his team has recently started interacting with the crypto industry. Crypto analyst Ali Martinez said, "The chances of getting a pro-Bitcoin president are getting smaller, with Trump 50 and Kamala 49."

In another development, former US President Donald Trump has approved a number of direct debates with Kamala Harris which will be held next September. At the same time, Donald Trump Jr. and Eric Trump issued warnings about fraud posing as Trump's family, indicating a possible crypto-related initiative from the family in the near future.

Since serving as SEC Chair in 2021, Gary Gensler has become a controversial figure in the crypto world. Under his leadership, the SEC has implemented strict policies against many crypto projects on the grounds of protecting investors and maintaining market integrity. However, many industry players feel this approach is too harsh and hinders innovation. "We don't reject regulation, but regulations have to make sense and support industrial growth," said Jeremy Allaire, CEO of Circle.

Gensler himself has repeatedly stated that most crypto tokens are securities and must comply with existing securities laws. On various occasions, he stressed the importance of investor transparency and protection in the fast-growing crypto market. "We just want to make sure that this market operates fairly and transparently," SEC chairman Gary Gensler said in an interview.