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As Gary Gensler prepares to step down as SEC Chair, he leaves behind a complex legacy in cryptocurrency regulation. During a recent appearance on CNBC's “Squawk Box,” Gensler reiterated his belief that Bitcoin stands apart from other digital assets, likening its trade potential to that of gold.
“I think that Bitcoin is a highly speculative, volatile asset. But with 7 billion people around the globe, 7 billion people want to trade it just like we [...] have gold for 10,000 years,” Gensler noted, adding, “It might be something else in the future, as well.”
While Gensler acknowledged Bitcoin’s unique position, he maintained skepticism toward other cryptocurrencies, stating they “need to show their use case and show that they actually have fundamentals underlying them, or they won’t persist.” His tenure as SEC Chair saw aggressive enforcement actions against crypto firms, often described as a “regulatory blitz.”
However, with Gensler stepping down next week, the crypto community is eyeing Paul Atkins, a former SEC commissioner and Trump’s likely pick to lead the agency. Atkins is expected to adopt a more crypto-friendly stance, potentially seeking alignment among regulators on the emerging sector.
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Meanwhile, Senator Elizabeth Warren has intensified her anti-crypto campaign, urging incoming Treasury Secretary Scott Bessent to consider broader regulatory powers over the industry. In a January 12 open letter, Warren asked whether the Treasury’s Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) programs should include risk-based provisions for digital assets.
“Bad actors are also increasingly turning to cryptocurrency to enable money laundering, sanctions evasion, and to finance major national security threats, such as Russia’s invasion of Ukraine, North Korea’s nuclear program, China’s sale of weapons parts to sanctioned nations, and ransomware attacks,” Warren wrote.
The Massachusetts senator also questioned whether stablecoins should fall under the jurisdiction of the Office of Foreign Assets Control (OFAC) and whether Congress should extend the Bank Secrecy Act (BSA) to cover foreign companies serving U.S. clients. Warren’s stance has drawn sharp criticism from crypto advocates, with Alexander Grieve of Paradigm describing her efforts as a “casus belli” for broader AML regulations targeting crypto technology providers.
As the SEC and the Treasury potentially move in opposite directions—one towards regulatory alignment and the other towards greater scrutiny—the next chapter of U.S. crypto regulation remains uncertain. Will Atkins’ potential leadership at the SEC bring relief to the sector, or will Warren’s influence tighten the grip on crypto innovation?
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