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 Crypto

Recently, 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 the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman ’s “regulation by enforcement” approach has been.

Call for Clear Crypto Laws

Despite 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. 

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Lawmakers Push for Regulatory Clarity

About 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.