cryptopolitan.com
ويبقى السؤال: ماذا يعني هذا التحول بالنسبة لمستقبل تنظيم العملات المشفرة في الولايات المتحدة؟
رحيل جينسلر: وداع مرير للعملة المشفرة "غرينش"
لم يكن الوقت الذي قضاه غاري جينسلر في هيئة الأوراق المالية والبورصات أقل من الاضطراب، خاصة في نظر مجتمع العملات المشفرة. منذ البداية، بدأ جينسلر وموقفه الصارم بشأن العملات المشفرة سلسلة من إجراءات الإنفاذ ضد شركات العملات المشفرة البارزة، بما في ذلك Binance وCoinbase، متهمًا إياها بانتهاك قوانين الأوراق المالية.
لم تقتصر أفعاله على الإشعارات التنظيمية. تبع ذلك غرامات ودعاوى قضائية بمليارات الدولارات، حتى بالنسبة لأمثال إيلون ماسك، المفضل لدى مجتمع العملات المشفرة والرئيس التنفيذي لشركة Tesla. من الآمن أن نقول إنه لا أحد من المجتمع حزين على مغادرته.
حتى أن مجلس النواب قال إن قيادته تجعل من هيئة الأوراق المالية والبورصة "وكالة مارقة".
GARY GENSLER SHA KIN G حرفيًا عندما سُئل عما إذا كان #eth ضمانًا أم سلعة ويرفض الإجابة على السؤال pic.twitter.com/GD9lg6cOaT
— تايلر ستريجيليفيتش (@TylerSCrypto) 18 أبريل 2023
However, Gensler’s resignation doesn’t come solely due to pressure from the crypto industry. While President-elect Trump had promised to fire Gensler on “day one,” he lacked the authority to do so. Gensler’s five-year term runs until 2026.
However, it is customary for SEC chairs to resign with a change in administration. His departure has been framed as part of the broader political dynamics surrounding the incoming pro-crypto Trump administration.
In a statement announcing his resignation, Gensler defended his record, emphasizing the SEC’s mission to enforce laws and hold wrongdoers accountable. Yet, many in the crypto sector will remember Gensler’s tenure for its focus on enforcement rather than regulatory clarity.
Gensler pushed the crypto industry as far as he could
The SEC’s regulatory approach under Gensler led to significant friction with the cryptocurrency community. Just months ago, Crypto.com took legal action against the SEC.
Today, https://t.co/pFc4Pz9nFR filed suit against the SEC to protect the future of crypto in the U.S.: https://t.co/kXxyhF7zFe
— Kris | Crypto.com (@kris) October 8, 2024
The company, along with others such as Robinhood and Uniswap, accused the SEC of overreaching in its enforcement of unregistered securities laws. Some argued that the agency’s broad application of securities laws to digital assets lacks proper authority.
Advocacy groups and state officials alike have also expressed their frustration with what they saw as an undiplomatic regulatory regime. A group of 18 state attorneys general, including Kentucky, Florida, and Texas, filed a lawsuit against the SEC, accusing the agency of unconstitutional overreach.
These attorneys general argue that the SEC’s aggressive stance on crypto infringes upon states’ rights to regulate their own economies, disrupting an industry that has been rapidly growing in both influence and value.
At the heart of this dispute is Gensler’s insistence that most cryptocurrencies, aside from Bitcoin and Ethereum, qualify as securities. His stance has created a murky regulatory environment for businesses operating in the space.
The lawsuit challenges the SEC’s expansive interpretation of its jurisdiction and argues that the agency’s enforcement actions are harming the very citizens they purport to protect.
A new era under Paul Atkins: What’s next for the SEC?
With Gensler’s resignation, all eyes turn to Paul Atkins, Trump’s selection to take the helm of the SEC. Atkins, a former SEC commissioner under President George W. Bush, is seen as a stark contrast to Gensler. He is known for his pro-market and pro-innovation stance, and his appointment has been welcomed by many in the crypto industry.
Atkins has long been an advocate for deregulation in certain sectors, and industry leaders see his understanding of crypto as an asset. Brad Garlinghouse, CEO of Ripple Labs, and Cameron Winklevoss, co-founder of Gemini, both praised Atkins’ appointment, as they believe the pro-crypto lawyer is the best choice to lead the financial industry forward.
“We’ll see an SEC that has clearly different priorities than that of the Gensler SEC,” said Alison Mangiero, executive director of the Proof of Stake Alliance, in an interview with The Block.
Atkins is expected to take a more hands-off approach to regulation, focusing on fraud and ensuring investor protection without overburdening the industry with excessive red tape.
For many in the crypto sector, this means fewer enforcement actions against companies not involved in fraudulent activities and a shift away from the type of “novel cases” that Gensler’s SEC pursued, often to establish legal precedents.
One key area where change could be immediate is in the approval of crypto-related exchange-traded funds (ETFs). Under Gensler, the SEC approved spot Bitcoin ETFs but held back on other digital assets, including Solana and XRP.
With Atkins at the helm, there is speculation that the SEC could approve additional crypto ETFs or revisit the issue of staking in ETFs.
The future of crypto regulation looks bright, but is it?
Atkins’ confirmation could mark the beginning of a new regulatory era for the crypto industry, one that emphasizes clarity over enforcement. However, it is still uncertain how the SEC will handle some of the ongoing rulemaking processes, such as Regulation ATS, which could require decentralized projects to register with the agency.
The new leadership at the SEC will have to balance the need for investor protection with the desire to foster innovation.
In the meantime, crypto companies are bracing for the final months of Gensler’s tenure. If you are asking whether the regulatory landscape will change, the answer is yes. But if you’re asking when it will, your guess is as good as ours.
The community insists Atkins will help the industry adopt a more sensible approach that encourages development and investment without overregulating.
As Gensler prepares to leave the SEC and Trump’s administration succeeds “lukewarm on crypto matters” Biden, the crypto sector looks toward a future that, for the first time in years, seems more favorable for financial innovation.