Crypto industry leaders calls for SEC Chairman removal during White House meeting
Crypto industry leaders calls for SEC Chairman removal during White House meeting
Top cryptocurrency industry executives have voiced their dissatisfaction with SEC Chairman Gary Gensler actions, calling for his ouster in a meeting at the White House. Concerns are growing over Gensler's regulatory stance on digital assets, which could stifle innovation and growth.
In a major development for U.S. cryptocurrency regulation, crypto industry leaders met with senior White House officials on Thursday, August 8, to discuss the future of digital asset oversight, CoinGape reported.
The meeting, arranged by U.S. Representative Ro Khanna, brought together many notable members of the Biden administration. Industry representatives included Ripple CEO Brad Garlinghouse, Uniswap's Hayden Adams, Circle CEO Jeremy Allaire and entrepreneur Mark Cuban.
The discussion focused on the growing dissatisfaction within the crypto community with SEC Chairman Gary Gensler's regulatory approach. The executives expressed their belief that Gensler's actions have been overly aggressive toward digital assets, creating a hostile environment that could hinder the development of the sector in the United States.
The industry's call for Gensler's removal underscores its desire for a more balanced regulatory framework that promotes innovation while ensuring market stability and investor protection.
Adding to the tension, Vice President Kamala Harris is reportedly considering Wally Adeyemo, a vocal critic of the cryptocurrency industry, for the role of Treasury Secretary if she secures the presidency in 2024. Adeyemo has previously stated that cryptocurrencies pose significant national security risks and could be exploited for illegal activities.
Former President Donald Trump's stance on the issue stands in stark contrast to that of the current administration. Trump indicated at the 2024 Bitcoin Conference that his first move upon returning to office would be to remove Gensler from his position, signaling a more favorable approach to the crypto industry.
However, crypto analyst Ali Martinez has a different take on the political situation: "Oh man! The chances of a pro-Bitcoin president are looking slim, with Trump's odds at 50% and Kamala's at 49%."
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Figures like Gemini co-founder Cameron Winklevoss and attorney John Deaton have echoed this sentiment, urging Harris to support the industry by advocating for Gensler's removal.
As the 2024 election approaches, the crypto industry's efforts to secure bipartisan support are intensifying. The upcoming debates between Trump and Harris are likely to bring cryptocurrency regulation to the forefront, potentially shaping the future of digital assets in the United States.
See also: OKX introduces ZETA campaigns with extra rewards for users
