After a decade-long crypto manipulation under gary gensler
gary gensler Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages.
Chairman
lead, the time has come when crypto will witness some serious changes in the US. Eleanor Terrett shared that the SEC, now led by Mark Uyeda, has decided to drop its appeal in a lawsuit over its dealer rule expansion. This rule would have classified high-frequency trading firms and some crypto hedge funds as dealers, which many in the crypto space saw as a way to regulate trading firms without direct rules. SEC’s U-turn seems to be a fresh start for crypto users.
A Controversial Rule That Sparked Industry Backlash
The SEC had planned to change the definition of a broker-dealer, which would have required crypto liquidity providers and automated market makers (AMMs) with over $50 million in capital to register with the agency. This move angered many in the community, especially from DeFi supporters, who argued that such a rule was unrealistic for platforms without a central authority. Since DeFi operates in a decentralized manner, enforcing compliance would have been nearly impossible, putting its future in the U.S. at risk.
Court Ruling Blocks the SEC’s Plan
Crypto trade groups, including the Blockchain Association and the Crypto Freedom Alliance of Texas, took the SEC to court, arguing that the agency had gone beyond its legal limits. In November, a Texas federal judge agreed, ruling that the SEC had overstepped its authority. This blocked the proposed rule, dealing a major setback to the agency’s regulatory efforts.
Though the SEC initially pushed back, it unexpectedly dropped its appeal on Feb. 19, officially ending the case. Blockchain Association CEO Kristin Smith called it a “complete and total victory,” saying the crypto industry could now move forward without fear of excessive regulations.
Complete and total victory today in our case against the SEC over the dealer rule.
Following the SEC’s voluntary dismissal of its own appeal, the crypto industry can breathe a sigh of relief.
According to a crypto user, the SEC’s decision to drop its appeal is a clear rejection of regulatory overreach. The analyst highlighted how unelected officials attempted to expand their authority to suppress crypto innovation but were ultimately blocked by the courts and new leadership. DOGEai cheered this major victory for the industry, proving that pro-growth policies are on the way.
The SEC’s retreat comes at a time of major leadership changes. Following former Chair Gary Gensler’s exit, Trump has reshaped the agency, appointing Mark Uyeda as acting chair while his nominee, Paul Atkins, awaits congressional approval. Under Uyeda, the SEC has already shown signs of easing its aggressive stance on crypto.
Hester Peirce of the Securities and Exchange Commission, often known as “Crypto Mom,” is one of the most outspoken supporters of cryptocurrency at the government level in the United States. Prior to joining the Securities and Exchange Commission, she worked in a variety of roles evaluating and formulating financial regulations, having graduated from Yale Law School. She worked at George Mason University’s Mercatus Center, a libertarian think tank, most recently before becoming commissioner, where she produced, among other things, critiques of legislation like the Dodd-Frank Act.
She, often known as “Crypto Mom,” is a member of the Securities and Exchange Commission. She was born in Ohio and graduated from Yale Law School. Prior to joining the Securities and Exchange Commission, she worked in a variety of capacities evaluating and creating financial regulations. She worked at George Mason University’s Mercatus Center, a libertarian-leaning think tank, most recently before becoming commissioner, where she produced, among other things, critiques of legislation like the Dodd-Frank Act.
As chairman Jay Clayton steps out and a Joe Biden nominee takes his place, Republican Peirce will find herself in the minority. Clayton, on the other hand, was not particularly forward-thinking when it came to digital assets. President Biden has declared his intention to select Gary Gensler, a crypto expert who would presumably be more prepared to deal with Peirce than Clayton was.
The SEC’s approval of initial public offerings for crypto businesses like Coinbase, the first U.S.-authorized Bitcoin ETF, and, of course, the ICO safe harbour are all obvious targets for Peirce. We won’t know what Peirce thinks about the SEC’s pursuit of Ripple until after the fact, per SEC protocol, but the outcome of that case will almost certainly serve as a springboard for more clarity.
Peirce told guests at the Crypto Finance Conference in January that the future SEC chairman’s priority should be supporting innovation and giving regulatory clarity: “We need to embrace innovation and figure out how to create a regulatory framework that encourages it, which, in our field, I believe means providing clarity.”
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Known for her support of fair and clear regulations, Peirce’s task force is expected to reassess many of the enforcement actions taken against crypto firms under Gensler’s tenure.
With the SEC now stepping back from legal battles and reconsidering its approach, the crypto industry is hopeful that this marks the beginning of a more balanced regulatory framework.
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After a decade-long crypto manipulation under lead, the time has come when crypto will witness some serious changes in the US. Eleanor Terrett shared that the SEC, now led by Mark Uyeda, has decided to drop its appeal in a lawsuit over its dealer rule expansion. This rule would have classified high-frequency trading firms and …
This articles is written by : Nermeen Nabil Khear Abdelmalak
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