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Departing SEC Chair Gary Gensler has warned that the cryptocurrency market is "rife with bad actors," highlighting ongoing compliance issues and the need for regulation. During his tenure, he oversaw 100 enforcement actions against fraud and non-compliance, asserting that most digital currencies qualify as securities. Gensler emphasized his commitment to investor protection and market integrity, countering claims of being anti-crypto by referencing his academic background in blockchain technology.
Rep. Mike Johnson of Louisiana has been re-elected as House Speaker, reinforcing his commitment to advancing cryptocurrency legislation, including support for the Financial Innovation and Technology for the 21st Century Act (FIT21). His opposition to central bank digital currencies (CBDCs) and backing from President-elect Donald Trump position him as a key advocate for digital currency independence. Johnson's leadership is expected to enhance regulatory clarity and foster innovation in the U.S. crypto market, with a pressing deadline to implement policies before the 2026 midterm elections.
President-elect Donald Trump has nominated Paul Atkins as the new SEC Chair, sparking optimism among crypto and finance leaders for a balanced regulatory approach. Atkins, a former SEC commissioner known for advocating fair regulation, is expected to foster innovation in blockchain technology, particularly in casino gaming and other industries. His appointment signals a potential shift towards a more supportive environment for digital assets, contrasting sharply with the previous administration's stringent regulations.
Key policymakers and blockchain leaders gathered in Washington, D.C., for the Blockchain Association’s third annual Policy Summit on December 16-17, 2024. Discussions focused on regulating stablecoins and securities laws, emphasizing the need for balanced regulation to foster innovation while ensuring national security.President-elect Donald Trump addressed attendees via video, expressing support for blockchain technology's role in enhancing national security. Industry representatives showcased decentralized projects like CESS, Filecoin, and Helium, highlighting blockchain's potential to protect sensitive information and privacy.
Donald Trump’s transition team is considering consolidating or eliminating key banking regulators, which could create a more favorable environment for the cryptocurrency market. This potential reform includes merging the FDIC, OCC, and Federal Reserve, aiming to reduce regulatory burdens that some view as stifling innovation. As Trump prepares to appoint a new FDIC leader amid criticism of current oversight practices, the crypto sector is rallying behind pro-crypto candidates, marking a significant shift in regulatory dynamics that could enhance operational efficiency and investor confidence.
Congressman French Hill has been appointed as the next chair of the House Financial Services Committee, succeeding Patrick McHenry. Hill, a proponent of cryptocurrency legislation, aims to clarify regulatory roles between the SEC and CFTC and investigate initiatives targeting the crypto sector. He will officially assume his role on January 3, 2025.
French Hill, a former community banker from Arkansas, has been elected chairman of the House Financial Services Committee, succeeding Patrick McHenry. Known for his expertise in cryptocurrency regulation, Hill authored the bipartisan Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to clarify the status of digital assets. His leadership is expected to advance legislation addressing the regulatory landscape for cryptocurrencies and support for community banks.
Tom Emmer
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