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US Regulator Leader Resigns, New Era of Digital Assets Begins?

_Enforcement Director of the Commodity Futures Trading Commission_ (CFTC) Ian McGinley is said to be leaving his post on January 17. During his leadership since February 2023, McGinley is known for making the CFTC one of the leading institutions in enforcing the law against violations in the digital asset sector.

Not only McGinley, CFTC Chairman Rostin Behnam and Securities and Exchange Commission (SEC) Chairman Gary Gensler have also previously announced their resignations. This decision is considered to mark the end of the era of strict regulation of the digital asset industry, paving the way for a new approach that may be more supportive of innovation.

The reason is, since leading the CFTC since 2021, Behnam has been known to be persistent in pushing for regulation in the crypto sector, including imposing a large fine on Binance. On the other hand, Gensler since 2021 has also launched more than 100 legal actions against large crypto companies such as Coinbase and Kraken.

The shift has raised speculation about a possible change in approach to digital asset oversight under US President-elect Donald Trump, who has pledged to make the US a global leader in cryptocurrency, including plans to build a national Bitcoin (BTC) reserve.

-# Image Source: NYU Photo Bureau