Gary Gensler Quitting? | Elizabeth Warren's DeFi Ban Goes Too Far
Speculation is swirling that Gary Gensler may be considering an exit from his role as SEC Chair. In a recent tweet, Gensler stated "It’s been an honor to serve as @SECGov Chair. Over the past 3 years, I’ve seen firsthand how the incredible staff at the SEC serve investors and issuers alike."
While some see it as mere trolling, others believe the losses and pressure Gensler has faced from lawsuits, Congress, and the crypto community over SEC overreach may be taking their toll.
The controversial infrastructure bill introduced by Senators Lummis and Gillibrand aims to establish a regulatory framework for stablecoins. This could significantly impact the SEC's authority, as it would provide clear rules for certain crypto activities that the SEC has thus far attempted to regulate through enforcement actions. The bill favors allowing banks to issue stablecoins, potentially setting up a battle between traditional finance and decentralized finance.
Small businesses now have an opportunity to weigh in on potential SEC policies through an upcoming Small Business Capital Formation forum. This allows businesses of all kinds to explain how crypto, DeFi, and other emerging technologies could benefit their operations and provide recommendations to the SEC and Congress. With figures like John Deaton raising significant funds to counter Sen. Warren's anti-crypto efforts, the small business voice could prove influential.
Pressure continues to mount on the SEC from multiple fronts over its "regulation by enforcement" approach in crypto. Sen. Warren's false crypto FUD narratives have been widely debunked, while figures like Hester Peirce argue the SEC is stifling innovation by not properly engaging with the industry. The subpoena of the Ethereum Foundation also appears to be setting up a legal battle over a potential Ethereum ETF approval.
As jurisdictions like Europe forge ahead with clear crypto regulations, the lack of a coherent U.S. framework is causing startups and projects to seek more welcoming jurisdictions. Whether Gensler departs or not, it's clear crypto's mainstream momentum means policymakers must establish rules that foster rather than hinder innovation in the emerging field of decentralized finance and web3 technologies.
Submit SEC Small Business Recommendations ➜ https://surveys.sec.gov/jfe/form/SV_6WIjeUtffPxvMDI
This episode is sponsored by iTrustCapital
iTrustCapital | Get $100 Funding Reward + No Monthly Fees when you sign up using our custom link! ➜ https://bit.ly/iTrustPaul
Become a Diamond Circle Member FREE! ➜ https://bit.ly/PBDiamondCircle
PBN3 Deals! ➜ https://www.paulbarronnetwork.com/deals
Subscribe on YouTube ➜ https://bit.ly/PBNYoutubeSubscribe
X/Twitter ➜ http://bit.ly/PBNtwitter