Gary Gensler: “Crypto didn't help Trump win”

The 2024 U.S. presidential election has sparked numerous debates, particularly regarding the potential influence of crypto. Gary Gensler, the outgoing chairman of the Securities and Exchange Commission (SEC), recently stated that cryptocurrency did not play a decisive role in the outcome of this election. Therefore, will it be abandoned by the Trump administration?

The Limited Role of Crypto in Trump’s Election

According to Gary Gensler, although funds from the crypto industry were used to support certain candidates, this was not a decisive factor for voters. Moreover, economic concerns, such as inflation, were far more important to voters than issues related to cryptocurrency. Gensler also mentioned that his strict approach to crypto regulation had not significantly influenced citizens’ voting.

Gensler’s administration at the SEC was marked by a series of law enforcement actions against crypto companies based in the United States, such as Coinbase, Ripple Labs, and Binance. These measures have often been criticized by the industry for their lack of clarity and predictability. However, Gensler defended his approach by stating that it was essential to enforce existing laws to protect investors and maintain trust in financial markets.

A Layer of Uncertainty About Trump’s Intentions?

This statement from Gary Gensler comes at a time when investors are wondering if Trump lied about his pro-cryptocurrency policy during the elections. This adds fuel to the fire and increases fears that cryptos will be neglected during Donald Trump’s term.

However, the appointment of Paul Atkins to the SEC to replace Gary Gensler already signals the direction his presidency will take. This transition could mark a significant shift in crypto regulation in the United States, as Atkins is seen as more favorable to the cryptocurrency industry.

In summary, although crypto was a topic of discussion during the 2024 presidential election, Gary Gensler believes it was not a decisive factor for voters. His impending departure from the SEC and the arrival of Paul Atkins could usher in a new era for crypto regulation in the United States.