Congressman Michael John Flood has expressed his concerns about the current state of America’s position in the crypto space, attributing it to Gary Gensler’s handling of the sector.
Gary Gensler, the current SEC chair, recently announced his resignation date of January 20, 2025, coinciding with the upcoming inauguration of Republican candidate Donald Trump as the next US president.
As the date of Trump’s inauguration approaches, Nebraska’s Representative Michael John Flood has criticized Gensler’s tenure, stating that it has set America back two decades. He believes that the SEC’s actions under Gensler’s leadership have hindered the country’s progress in the digital asset economy.
Flood’s Critique of Gensler’s Approach to Crypto
During his appearance on Fox Business Mornings With Maria, Flood criticized Gensler and the Biden administration for their regulatory approach to cryptocurrencies. He argued that the lack of clear laws in the sector led to the SEC imposing sanctions on digital asset firms and disrupting the markets.
According to Flood, America’s lag in crypto innovation has allowed countries like China to take the lead in the industry. However, he remains optimistic that Trump’s presidency will reverse Gensler’s decisions.
Trump’s Promised Change in the Crypto Landscape
Flood believes that Trump’s administration will propel America forward in the digital asset space. He anticipates that the pro-Bitcoin President-elect will create a more favorable environment for cryptocurrency and fintech in the US.
Trump’s support for cryptocurrencies is evident in his cabinet selections, including figures like Elon Musk, Robert F. Kennedy, and Howard Lutinick, who are known for their pro-crypto stance.