This is Gary Gensler's fate after Donald Trump was elected US President

Bittime - Donald Trump's victory in the US election made the crypto market writhe with optimism. However, there is an interesting story behind this victory that comes from Gary Gensler. 

Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC) who has been known to often take a tough stance towards the crypto industry. Trump has promised to immediately remove Gensler from his position on the first day of his administration. 

However, the 75 days before the inauguration provide time for Gensler to take final action that could have a significant impact on the crypto industry. Read more in this article.

Will Gensler Put Pressure on the Crypto Industry?

In a divided political world, some observers predict that Gensler will try to take the final steps to suppress the crypto industry in the remaining time available. 

Trump and the new congress dominated by pro-crypto parties are expected to loosen crypto regulations. He is also expected to roll back anti-crypto policies implemented during Gensler's leadership. 

Jonathan Padilla, CEO of Snickerdoodle Labs, even said that any actions taken by Gensler could be reversed in less than 100 days after Trump officially takes office.

Jake Chervinsky, Chief Legal Officer at Variant Fund, also emphasized that the change in leadership at the SEC will have a major impact on crypto policy in the US. 

“Crypto policy will change significantly once new leaders take over federal agencies,” Chervinsky said. 

With this, many predict that Gensler may try to expedite investigations or lawsuits against crypto companies before his term ends.

Read also: UK Starts Looking at Bitcoin Pension Funds as an Alternative 

Glenser's Action Options in the Last Days

Even though there are only around 75 days left, Gensler has a number of options to leave a mark on the crypto sector. He still has the authority to initiate new investigations into companies deemed to have violated securities rules.

In fact, he may even issue warning letters (Wells Notices) or legal summons (subpoena) which could have an impact on large companies such as OpenSea and Robinhood. 

If Gensler manages to win support from other SEC commissioners who are also appointed by Democrats, it's possible he could launch legal challenges against the companies he's been warned about.

However, according to Padilla, there are time constraints for Gensler. Although he launched a lawsuit, the legal process is not expected to be completed before Trump is inaugurated on January 20. Once the SEC Chairman's seat is filled by a new, more crypto-friendly figure, the lawsuits could be stopped or even dropped.

Additionally, Gensler could also focus on creating stricter regulations for the crypto industry, such as expanding the definition of “exchange” in the new SEC rules. 

This rule, which is still in the finalization stage, if implemented will increase registration requirements for crypto market players. However, rules passed during this transition period can still be overturned by the new Congress within 60 days after it begins convening.

Possibility of Gensler Resigning Without Storm

Although many predict that Gensler will take aggressive steps, quite a few also predict that he will finish his term calmly. 

The practice at the SEC is usually to encourage the chairman to resign when there is a change of government. However, until now Gensler has not provided an official statement regarding this plan. 

Sources within the SEC even suggested that Gensler's staff might slow down the administrative process so that Gensler's legal efforts do not have a significant impact.

As a sign of political uncertainty in the current era, Gensler's steps in this transition period will likely be closely watched by the public and investors. 

According to a source from Unchained with experience in dealing with SEC lawsuits, "The SEC's current enforcement approach is rarely as dependent on election results as it is now. This is a symptom of Gary's tenure and his tough stance on crypto."

Read also: Latest Bitcoin Price Prediction: Bearish or Bullish?

Looking forward to a more friendly crypto era

If it is true that Trump chooses a more pro-crypto SEC leader, this could be the beginning of a new era for the crypto industry in the US. More supportive policies and clear regulations will open up great opportunities for the development of blockchain technology and the adoption of digital assets in the country. 

Many hope that the new SEC chairman will not only roll back anti-crypto policies, but also provide clearer direction for industry players.

The crypto industry is now entering a critical phase, where its fate in the next few months will likely be determined by the political dynamics and decisions in Gensler's final days in office. 

Investors and industry players are expected to remain vigilant. Given the potential for big changes after Trump takes over the reins of government.

With all the speculation, one thing is certain: the future of the crypto industry in the US will be determined in the near future, and market players must be prepared for any possibilities that arise from this shift in power.

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