Nebraska Congressman Michael John Flood Criticizes Gary Gensler’s Handling of Crypto Sector
Gary Gensler, the current SEC chair, recently announced his resignation effective January 20, 2025, following the election of Donald Trump as the next US president.
Nebraska’s Representative Michael John Flood has expressed disappointment in Gensler’s tenure, claiming that it has set America back in the crypto space. Flood believes that Gensler’s approach has hindered the country’s progress in the digital asset economy.
Flood’s Critique of Gensler’s Regulation on Cryptocurrencies
During an appearance on Fox Business Mornings With Maria, Flood criticized Gensler and the Biden administration for their regulatory actions in the crypto sector. He argued that the SEC’s enforcement tactics without established laws have hindered innovation and growth.
Flood highlighted that the lack of clear guidelines has led to the shutdown of markets and hindered the development of the industry. He believes that the US is now two decades behind in crypto innovation, allowing countries like China to dominate the market.
Anticipating Change Under Trump’s Presidency
Flood is optimistic about the future under President-elect Trump, stating that his administration will bring positive changes to the digital asset landscape. He believes that Trump’s pro-Bitcoin stance will pave the way for advancements in cryptocurrency and fintech in the US.
Trump has already shown support for the crypto industry by appointing key figures like Elon Musk, Robert F. Kennedy, and Howard Lutinick to key positions in his administration. This signals a shift towards a more crypto-friendly environment in the US.