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Congressman Michael John Flood has insisted that America is not where it aims to be in the crypto space owing to Gary Gensler’s poor handling of the sector.
Gary Gensler, the incumbent SEC chair, announced earlier last week that he would resign on January 20, 2025. This development followed the emergence of Republican candidate Donald Trump as the next US president.
With Trump’s inauguration date drawing closer, Nebraska’s Representative Michael John Flood believes Gensler’s underwhelming tenure has severely impacted the American dream. He insisted that the SEC boss has taken the US two decades backward.
Flood Bemoans Gensler’s Crypto Tyranny
Speaking on the Fox Business Mornings With Maria show, Flood argued that Gensler and Joe Biden’s administration set America backward. Remarkably, the Nebraska Representative stressed that the regime derailed the US’ stake in the digital asset economy.
Flood bemoaned Gensler’s regulation-by-enforcement approach to cryptocurrencies. He stated that there were no set laws governing the emerging sector, yet the SEC imposed sanctions on digital asset firms and was “shutting down the markets.”
As a result of these deeds, Flood believes America is 20 years behind in crypto innovation, allowing countries like China to control the industry. However, the Congressman noted that Trump’s win would undo Gensler’s wrong.
Trump’s Win, The Much-Needed Change
Meanwhile, Flood believes Trump’s administration would move America forward on the digital asset front. He insisted that the pro-Bitcoin President-elect would usher in a new era for cryptocurrency and fintech in the US.
Notably, Trump seems to have already taken the initiative. The 47th US President has embraced cryptocurrencies and has teased a friendlier environment for the nascent sector.
Trump’s commitment to the sector has been glaring in his cabinet choices. He has appointed pro-crypto personalities like Elon Musk, Robert F. Kennedy, and Howard Lutinick to fill critical roles in his administration.