The 2024 US presidential election has sparked much debate, particularly over the potential influence of crypto. Gary Gensler, the outgoing chairman of the Securities and Exchange Commission (SEC), recently said that cryptocurrency did not play a determining role in the outcome of this election. Therefore, will it be abandoned by the Trump administration?
The little decisive role of crypto in the election of Trump
According to Gary Gensler, although funds from the crypto industry were used to support some candidates, this was not a deciding factor for voters. Additionally, economic concerns, such as inflation, were far more important to voters than cryptocurrency issues. Gensler also mentioned that his strict approach towards crypto regulation did not significantly influence citizen voting.
Gensler's administration at the SEC has been marked by a series of enforcement actions against U.S.-based crypto companies, such as Coinbase, Ripple Labs, and Binance. These measures have often been criticized by the industry for their lack of clarity and predictability. However, Gensler defended his approach by affirming that it was essential to enforce existing laws to protect investors and maintain confidence in financial markets.
A layer of uncertainty about Trump's intentions?
This statement from Gary Gensler comes at a time when investors are wondering whether Trump lied about his pro-cryptocurrency policy during the election. This adds fuel to the fire and increases the fear that cryptos will be abandoned during the mandate of Donald Trump.
However, the appointment of Paul Atkins to the SEC to replace Gary Gensler already announces the direction his presidency will take. Because this transition could mark a significant change in crypto regulation in the United States, with Atkins being perceived as more favorable to the cryptocurrency industry.
In sum, although crypto was a topic of discussion during the 2024 presidential election, Gary Gensler believes that it was not a deciding factor for voters. His imminent departure from the SEC and the arrival of Paul Atkins could usher in a new era for crypto regulation in the United States.
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