Goodbye Gary Gensler, US Crypto Industry Can Now Develop Rapidly!

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has the potential to be replaced by a pro-crypto figure. (Photo; Doc. CoinTribune)

JAKARTA - After almost four years of leading the United States Securities and Exchange Commission (SEC), Gary Gensler announced his resignation. Gensler is scheduled to leave office on January 20, 2025, to coincide with the inauguration of President-elect Donald Trump. Gensler's term of office is considered to have a positive impact on the crypto industry, especially in the digital asset regulatory sector.

In an official statement, the SEC confirmed that Gensler, who has served since April 17, 2021, has played a key role in overseeing financial markets, including solving major challenges such as the GameStop market event that rocked the industry. During his tenure, the SEC was known for its "regulatory through law enforcement" approach, which resulted in a number of major legal action against leading crypto companies such as Ripple that took more than 3 years of trial, then Binance, Kraken, Coinbase, Uniswap Labs, and others.

Gary Gensler through the SEC echoed efforts to protect investors. But in reality, many investors have not received protection after the collapse of FTX and the Terra Luna case. Gensler is considered to have failed to protect investors because it only focuses on suing crypto companies that have no problems with their investors.

Gensler's resignation is thought to bring fresh air to the crypto industry, which often feels pressured by the SEC's firm approach. On the other hand, many are looking forward to how the new government will form policies related to digital assets.

With the global crypto market value of more than $1 trillion, this change in leadership at the SEC will be a major focus for industry players, investors and regulators around the world.