Regulation
Gary Gensler Started The ‘Treasury Secretary’ Rumor Himself
Rumors swirling about SEC Chair Gary Gensler potentially becoming Treasury Secretary if Kamala Harris wins the 2024 presidential election have stirred significant debate within the crypto industry. However, Custodia Bank CEO Caitlin Long debunked these claims. Moreover, she believes that Gensler himself is the source of these rumors.
How ‘Gary Gensler As Treasury Secretary’ Rumors Started
The speculation originated from a Washington Reporter scoop by Matthew Foldi. In the reported, Foldi reiterated that Paradigm CLO Katie Biber had floated the notion of a “Gensler plan.” This plan would allegedly “ensure a Dem Commission majority in 2025 — forcing a newly-elected President Trump to oust him.”
It would position Gary Gensler to become an SEC commissioner once more. Moreover, it would enable President Biden to appoint a successor such as Caroline Crenshaw, known for her critical stance on the crypto industry. Hence, the SEC’s anti-crypto crusade would continue even if Gensler steps down.
The “Gensler plan” has generated a mix of intrigue and skepticism among industry figures and political commentators. The cause of the latest rumors is a Capitol Hill source familiar with SEC matters, as cited by Foldi. The source suggested that Gensler might agree to such a scenario if he were promised a role as Treasury Secretary by Kamala Harris if she wins.
Industry Leaders Debunk These Claims
These speculations didn’t sit well with the crypto industry that called for Harris to fire Gensler. Furthermore, Custodia Bank’s Long took to X and challenged the credibility of this rumor. She stated, “Multiple Dems contacted me to say the ‘Gensler as Treasury Secretary’ rumor is false.”
According to Long, a Democrat believes that Gensler himself is behind the rumor, either to create confusion or to manipulate perceptions. This assertion is supported by Sheila Warren, CEO of the Crypto Council, who echoed Long’s sentiments. Warren write on X, “I’ve heard this is false from multiple [Republicans] as well.” This bipartisan dismissal suggests that the rumor may lack substantive backing.
Rep. Tom Emmer had previously cautioned that Kamala Harris might choose Gensler as or Senator Elizabeth Warren for the Treasury Secretary position. Emmer criticized Gensler’s tenure at the SEC, stating:
“He’s been bringing lawsuits all over the place — and losing all over the place. That time’s past. Gary Gensler needs to move on. His career in government should be over.”
Bloomberg Senior ETF analyst Eric Balchunas spotlighted Emmer’s stance in a post on X. Moreover, Balchunas suggested, “It kinda sounds like he’s the source of the rumor.” This statement aligns with Custodia Bank CEO’s statement, solidifying the possibility of Gary Gensler starting the rumor himself.
Crypto Industry Reactions
Moreover, Ripple CTO David Schwartz took a more sarcastic tone in response to the rumors. On X, he wrote, “Good news, everyone! Sources say if Harris is elected, she will remove Gensler as chair of the SEC before his term is up!” Ripple recently reached the end of the legal tussle with the SEC with the former receiving a $125 million penalty.
Charles Hoskinson, founder of Cardano, weighed in with a critical perspective. He noted, “As I have repeatedly stated, team blue is not Crypto’s friend.” Hoskinson’s remark reflects broader skepticism within the crypto industry about the Democratic Party’s alignment with crypto interests.
Similarly, pro-XRP lawyer Bill Morgan condemned the idea, calling those who support Harris as a crypto ally “useful idiots.” He warned, “Imagine the damage he will do to crypto as Treasury Secretary. Where are the Democrats for Crypto crowd. Are they still having meetings with senior people from the Administration and being ‘listened’ to.”
Kritika Mehta
Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency investors in Japan are bracing for impact following a plan to reclassify digital assets as financial products. While the plan has elicited excitement from cryptocurrency enthusiasts in the Far East, the ambitious plan will have to scale several legislative hurdles.
Japan Targets Reclassification Of Cryptocurrencies As Financial Products
According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is inching toward classifying cryptocurrencies as financial products. Per the report, the FSA intends to achieve the reclassification via an amendment to the Financial Instruments and Exchange Act.
Currently, digital assets in Japan are considered crypto assets conferred with property rights and seen as payment means. Under the FSA’s plans, cryptocurrencies in Japan will be treated as financial products in the same manner as traditional financial products.
The FSA says it will adopt a slow and steady approach toward the reclassification, carrying out “a private expert study group” to test the waters. If everything goes according to plan, the FSA will submit the amended bill to Parliament in early 2026.
The classification of cryptocurrencies as financial products will have far-reaching consequences for the local ecosystem. Experts say treating cryptocurrencies as financial products will bring Japan closer to a crypto ETF launch amid a changing regulatory landscape.
Furthermore, the move may lower current cryptocurrency taxation for local investors since existing capital market rules will apply to the asset class.
A Fresh Bill For Crypto Insider Trading Is Underway
Apart from the reclassification, the FSA disclosed plans for new legislation against insider trading. The move flows treating cryptocurrencies as financial products and will strengthen existing investor protection rules.
“It is a direction to establish a new insider trading regulation that prohibits trading based on unpublished internal information,” said the FSA. “We will develop laws to prevent unfair transactions.”
However, Japan’s cryptocurrency scene is heating up to a boil, driven by local and international players. Last week, stablecoin issuer Circle secured approval from the FSA for USDC with top exchanges set to list the stablecoin.
Japan’s Metaplanet has tapped Eric Trump to join its Strategic Board of Advisors as it continues to load up Bitcoin.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In what is being dubbed a major development in the crypto regulation space, the Governor of the US state of Kentucky, Andy Beshear, has signed the ‘Bitcoin Rights’ bill into law. The law promises to safeguard protections for Bitcoin (BTC) users.
Bitcoin Rights Bill Comes Into Effect
Crypto regulations continue to evolve under pro-crypto US President Donald Trump’s administration. In the latest development, Kentucky has become the newest state to enshrine protections for digital asset users.
In an X post published on March 24, crypto advocacy group Satoshi Action Fund announced that Governor Beshear had signed the much-anticipated Bitcoin Rights bill into law. The post stated:
The right to self-custody, run a node, and use of digital assets is now protected for millions of Americans without fear of discrimination.
The bill was first introduced to the Kentucky House by Rep. Adam Bowling on February 19. According to the bill’s description, it seeks to safeguard users’ rights to use digital assets and self-custody wallets. Additionally, it aims to prohibit local zoning changes that discriminate against crypto mining operations.
The legislation outlines guidelines for running a digital asset node and excludes digital asset mining from money transmitter license requirements. It also clarifies that crypto mining or staking is not considered an offer or sale of securities.
On February 28, the bill passed Kentucky’s House of Representatives with a unanimous vote of all 91 representatives in favor. It later passed the Kentucky Senate on March 13, receiving backing from all 37 senators.
Kentucky’s proactive stance toward cryptocurrencies isn’t new. Earlier this year, the state became the 16th US state to introduce legislation seeking to create a Bitcoin strategic reserve.
Meanwhile, neighboring state Arizona is also joining the crypto movement. A recent X post by Bitcoin Laws revealed that Arizona’s House Rules Committee has passed two Bitcoin reserve bills — SB1373 and SB1025. These bills will now head to a full floor vote.
Renewed Optimism Under Trump Administration
Following Trump’s victory in the November presidential election, cryptocurrency regulations in the US are evolving rapidly, with many states introducing legislation aimed at strengthening their digital asset ecosystems and attracting crypto businesses.
Positive changes in crypto regulations are encouraging industry businesses to expand. For instance, leading crypto trading platform Coinbase recently announced plans to hire 1,000 employees in the US.
The Trump administration has also witnessed several lawsuits being dropped against major crypto entities, including Kraken, Coinbase, Gemini, and others. At press time, Bitcoin trades at $87,399, down 0.2% in the past 24 hours.
Featured Image from Unsplash.com, chart from TradingView.com
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Hawk Tuah girl Hailey Welch, known for her association with the controversial $HAWK token, has been cleared of any wrongdoing after a lengthy investigation by the U.S. Securities and Exchange Commission (SEC). The SEC has decided not to press charges against Welch in connection with the rapid rise and subsequent collapse of the meme-based cryptocurrency.
US SEC Investigation Into Hawk Tuah Girl Concludes Without Charges
The SEC had launched an investigation into the $HAWK token after its dramatic price drop. The token, which was linked to Welch’s viral persona, initially saw a market cap surge to $490 million before crashing by over 90%. Investors who were impacted by the crash filed a lawsuit against those behind the project, alleging that the coin had been promoted and sold without proper registration.
Hawk Tuah girl Hailey Welch, who cooperated fully with the investigation, expressed relief after the SEC’s decision. “For the past few months, I’ve been cooperating with all the authorities and attorneys, and finally, that work is complete,” Welch told TMZ.
Her attorney, James Sallah, confirmed that the SEC had closed the case without any findings against her, adding that there would be no monetary sanctions or restrictions on Welch’s future involvement in cryptocurrency or securities.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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