enator Cynthia Lumis has publicly stated that SEC chair Gary Gensler will most probably resign if Donal Trump the former president of the United States wins the upcoming elections. However, If he looses to Harris, it is still uncertain if Gary Gensler will keep his position as the SEC Chair.
SEC's stance on crypto receives opposition.
According to Lumis, and many crypto enthusiasts, Gensler negatively impacts the crypto market, as he lack recognition that Bitcoin and Ethereum are classified as commodities which could have repercussion on the crypto market. Moreover, Lumis does not only believes that the top 2 cryptocurrencies are commodities but there are many others that fall in the same category.
Call for Clear Regulations
Establishing clear and certain rules is essential in order to have a healthy crypto sector in the USA. Uncertainty will limit innovation in the space as businesses, and investors will move to other countries. In Lumis’s opinion, the SEC is to be blamed for the unclear regulation regarding crypto assets which creates a lot of confusion. Furthermore, Lumis argues that Congress should be in charge of the regulation in the USA.
Telling the Difference between Fraud and Crypto
Although senator Lumis has an open mind regarding the crypto space and advocates for more clarity and less regulation, this does not remove the fact that Lumis acknowledges that fraudulent incidents occur within cryptocurrencies and should be take seriously in order to protect investors and parties.
Lummis: 2024 Election May Reshape Crypto Rules
Lummis points out the active conversation about crypto regulation in the country and the likely variation in regulatory leadership based on the 2024 election outcomes.
