Possible Departure Shakes SEC Crypto Division in the Midst of Regulatory Upheaval

  • Amid tensions and leadership issues, senior lawyers departing the SEC’s crypto unit raise questions about the efficacy of regulations.
  • Despite internal issues, Gensler’s increase in the SEC budget demonstrates his dedication to overseeing cryptocurrency.
  • With shifting leadership, political unpredictability may impact SEC’s cryptocurrency regulations.

Stay in the know on crypto by frequently visiting Crypto News Today

The US Securities and Exchange Commission’s (SEC) crypto assets and cyber unit is in the news amid a wave of uncertainty because of reports that senior lawyers are considering leaving the agency, which casts doubt on the agency’s cryptocurrency initiatives.


Accounts of Disturbance in the SEC’s Cryptocurrency Division.

The story was first reported by Fox Business reporter Charles Gasparino, who referenced sources from large legal firms who saw a rise in resumes within the SEC’s cryptocurrency division. This possible departure coincides with claims that Chairman Gary Gensler has been oppressive to cryptocurrency companies, raising questions about regulatory frameworks and leadership styles.

CryptoCaster Quick Check:

Industry insiders accuse Gensler of trying to “gag” cryptocurrency companies due to his alleged attempts to stifle innovation in the field. Tensions have increased as a result of the SEC’s recent regulatory push to expand its jurisdiction to include cryptocurrency transactions that are categorized as securities, including those in the decentralized finance (DeFi) industry. Opponents contend that these actions go beyond the bounds of established securities regulations and may hinder technological advancement in the cryptocurrency industry.

The SEC’s Bold Regulatory Plan Amid Internal Conflict.

The SEC is moving forward with plans to strengthen its regulatory capabilities in the cryptocurrency space despite internal turmoil. In his record-breaking $2.4 billion budget proposal, Gensler has set aside money for the agency to hire 170 additional employees, including those in the crypto/cyber unit. This demonstrates the SEC’s resolve to strengthen its control over the quickly developing cryptocurrency market.

However, questions are raised about the SEC’s capacity to effectively regulate the sector in light of the possible departure of senior lawyers from the agency’s crypto unit. Industry observers contend that the SEC’s ability to handle the complexities of cryptocurrency regulation may be hampered by the loss of institutional knowledge and experience, potentially reducing the efficacy of its regulatory actions.

Political Unrest Complicates the Situation Further

The situation is further complicated by the impending US presidential election. If President Joe Biden is re-elected, Gensler will probably serve as the SEC’s chair until 2026. On the other hand, if Donald Trump wins, there may be more pressure on Gensler to step down or stay on until a replacement is chosen. The politicization of the SEC’s leadership casts doubt on the organization’s objectivity and capacity to efficiently perform its regulatory functions.

The SEC’s actions demonstrate that the crypto industry needs precise and practical regulation. But maintaining a balance between investor protection and innovation promotion is still very difficult. Handling industry concerns, maintaining transparency, and cultivating stakeholder confidence will be crucial in managing this intricate regulatory environment.CRYPTOCASTER® - DECENTRALIZED FREEDOM!

We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism. 

From  Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.

And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.

When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble. 

Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.

We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.

Thank you.

Kristin Steinbeck
Editor, CryptoCaster

Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.

Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt


You may also like