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REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’
A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.
The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.
Republicans took control after securing key Senate seats in Ohio and West Virginia, according to the Associated Press.
Over 240 pro-crypto candidates were elected to the House of Representatives and Senate in a “historic achievement” for clear crypto regulations in the US, according to Anastasija Plotnikova, the CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.
Plotnikova told Cointelegraph:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
A Republican-led Senate, paired with a presidential administration that supports crypto, could lead to innovation-friendly regulations. This could help the US regain ground as a global leader, particularly as Europe moves closer to implementing its comprehensive regulatory framework, the Markets in Crypto-Assets Regulation (MiCA) bill, by the end of 2024.
Lighter regulations and more oversight for CFTC
A Republican Senate may finally bring clarity to US crypto regulations, according to Anndy Lian, author and intergovernmental blockchain expert.
He told Cointelegraph:
“The Republican focus on reducing government oversight could lead to a lighter regulatory touch, which would be a win for the industry […] A Republican Senate could mean fewer aggressive anti-crypto moves and more opportunities for open discussions about how to support innovation.”
The new Senate may review delayed business-friendly bills like the Digital Commodities Consumer Protection Act, which would grant the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over digital asset trading, Lian added.
Digital Commodities Consumer Protection Act of 2022. Source: Congress.gov
The crypto industry is also hoping to see the approval of the Bitcoin Act, championed by Wyoming Republican Senator Cynthia Lummis. The bill proposes the creation of a strategic Bitcoin reserve for the US, making it the first nation to use it as a “savings technology.”
Lummis Bitcoin Act. Source: Lummis.senate.gov
The bill cited the US’ “soaring inflation rates” an
d the national debt reaching “unprecedented heights” as reasons for the adoption of Bitcoin reserves to bolster the country’s balance sheet.
Republican Senate to change SEC oversight over crypto industry?
Controlling the Senate is at least as important for the future of crypto regulations as the president, according to James Davies, CEO of Crypto Valley Exchange.
This could significantly change the Securities and Exchange Commission’s oversight of the crypto space, Davies told Cointelegraph:
“This shift changes SEC oversight, which has proven to be as impactful as, if not more than, the SEC chair […] Now we await public announcements from Trump on SEC nominations to fulfill his promises to the US crypto community that supported him.”
Davies said he hopes that Chris Giancarlo, former CFTC chair, will be nominated for Gensler’s seat at the SEC.
The crypto industry sees the 2024 presidential elections as a net positive. Coinbase co-founder and CEO Brian Armstrong said it was “America’s most pro-crypto Congress ever,” which will facilitate more explicit crypto regulations.
@ Newshounds News™
Source: CoinTelegraph
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SEC CHAIRMAN GARY GENSLER LIKELY TO RESIGN AFTER TRUMP WIN: ANALYST
President-elect Donald Trump can’t fire crypto critic Gary Gensler without cause, but history suggests that the SEC chairman will bow out.
The United States Securities and Exchange Commission (SEC) could soon see a new chairman following Donald Trump’s projected election win, a noted crypto analyst said Wednesday.
Analyst Markus Thielen, the CEO of crypto research firm 10x Research, wrote in a research note that recent history suggests that Gary Gensler is likely to resign in the near future amid the impending regime change. The SEC’s chairman would just be following in the steps of his predecessors.
The SEC chairman “typically resigns when a new president takes office, aligning with the incoming administration’s preferences,” Thielen wrote.
This happened previously with Jay Clayton—who was appointed by Trump—resigning before Joe Biden’s inauguration. Before that, Barack Obama’s pick Mary Jo White resigned the day of President Trump’s inauguration.
“This practice allows the new president to appoint a chair who aligns with their policy objectives,” Thielen wrote. “If these historical patterns hold, Gary Gensler may resign in December or January, with a new SEC chair potentially confirmed by April or May.”
Gensler’s impact
Appointed by President Joe Biden in 2021, Gensler has led the SEC in an aggressive crackdown on U.S. crypto exchanges, decentralized finance projects, and software developers, which has been perceived by many as a hostile stance towards the sector. His term is set to last until 2026.
Donald Trump has repeatedly said that he would fire Gensler if elected, and suggested that crypto startups would be “living in hell” if he didn’t return to office and help change the course of American regulation.
“I pledge to the Bitcoin community that the day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over,” Trump said during his Bitcoin 2024 conference keynote in July. “It will end. It will be done.”
According to Decrypt analysis, however, regulatory protocols establish that the president could not remove Gensler from his position without cause. Still, the new president would have the authority to demote him from the role of chairman and appoint another SEC commissioner in his place.
U.S. Republican Representative French Hill recently said that the SEC should have new leadership next year—regardless of which party controls the White House. He said that Gensler’s “fear-mongering” at the SEC is unconstitutional and misuses the agency’s regulatory authority.
@ Newshounds News™
Source: Decrypt
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