Rep. Hill Slams Gensler’s Crypto Crackdown, Outlines Goals with Crypto Czar
The cryptocurrency market is thriving, with Bitcoin soaring to new heights and the overall market cap surpassing $3 trillion. However, despite the market’s success, there is ongoing debate about the role of regulation and how it will shape next.Impact of Regulation on CryptoRecently, House Financial Services Committee Chairman Rep. French Hill said that excessive regulation has harmed the crypto market. In an interview with CNBC, Hill pointed to the flourishing Bitcoin ETF market as evidence that regulation, when done right, can help grow the market. But he also noted that the SEC’s previous resistance to a Bitcoin ETF, which led to a federal court ruling compelling the agency to act, shows how ineffective gary gensler gary gensler Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. Chairman ’s “regulation by enforcement” approach has been.Call for Clear Crypto LawsDespite Gensler’s departure, the legacy of his policies lingers. However, there is now a push from lawmakers to move toward regulatory clarity. The focus is on passing legislation that will direct both the SEC and the Commodity Futures Trading Commission (CFTC) to create clear rules for crypto markets. Lawmakers Push for Regulatory ClarityAbout Gensler, he said, “He’s gone. That doesn’t change the fact that crypto has been under assault by the SEC over the past four years. And so the reason for legislation is to have regulatory clarity that directs the SEC and the CFTC exactly what they need to do to protect investors, encourage innovation, and encourage companies to use blockchain.”A recent meeting brought together key figures such as David Sacks, representing President Trump, Tim Scott, Chairman of the Banking Committee, and other influential lawmakers. Their goal is to prioritize the establishment of clear, comprehensive regulations that will make the U.S. a hub for digital asset innovation rather than a place where companies are driven away due to regulatory uncertainty.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.