Gary Gensler Resigns as 18 U.S. States File Complaint Against SEC and its President Gary
The SEC, under the leadership of Gary Gensler, is facing increasing pressure. Eighteen U.S. states, including Texas and Florida, accuse the agency of exceeding its powers and engaging in abusive regulation in the cryptocurrency sector. These states argue that the agency has encroached on the jurisdiction of Congress or local governments, resulting in nearly $500 million in losses for the crypto industry. This complaint reflects widespread frustration with a strategy perceived as punitive and opaque, hindering innovation and jeopardizing numerous projects.
Amid a tense political climate, this action aligns with the election of Donald Trump, who promised to appoint a more crypto-friendly leadership at the SEC. Gary Gensler, criticized for his coercive approach, hints at an imminent resignation, fueling hope for a more balanced regulatory framework. This shift could redefine crypto regulation in the United States, providing a more favorable environment for startups and emerging projects while adjusting the roles of federal and local authorities in this rapidly expanding sector.
