- Trump pledged to codify a future-proof digital asset structure that crypto haters cannot undo.
- SEC Chair Atkins declared the era of SEC being at odds with crypto innovation is officially over.
- Gensler pursued regulation by enforcement, suing Coinbase and Binance instead of writing clear rules.
President Donald Trump posted a sweeping statement on Truth Social declaring that Gary Gensler and what he called the Anti-Crypto Army nearly destroyed the American crypto industry by driving Bitcoin, crypto perpetuals, and innovation offshore.
“TRUMP saved it,” the post read. “America is now the CRYPTO CAPITAL of the WORLD.”
Trump pledged to codify a future-proof digital asset market structure that cannot be undone by crypto haters, describing the new frontier of finance as being built in America. “TRUMP will NEVER let crypto down,” the post concluded.
The SEC Responds in Kind
The statement landed alongside a significant shift in tone from the SEC itself. Chair Paul Atkins declared that the era of the SEC being at odds with technology and innovation is over.
“Under President Trump’s leadership, and alongside colleagues across the administration and Congress, we are delivering much-needed clarity to digital asset markets,” Atkins said.
Who Was Gary Gensler and Why Did Crypto Hate Him
Gensler, who previously taught a cryptocurrency technology course at MIT, approached digital assets from a fundamentally different angle than the industry wanted. He viewed most cryptocurrencies as unregistered securities subject to existing investment laws and described the industry as “rife with fraud, scams, bankruptcies and money laundering.”
The crypto industry’s grievances against him were specific and deeply felt:
- Regulation by enforcement: Rather than establishing clear rules, Gensler used lawsuits against Coinbase, Binance, and dozens of other firms to assert SEC jurisdiction, a strategy the industry called regulatory overreach without legal foundation
- Securities classification: He argued that most cryptocurrencies, excluding Bitcoin, qualified as securities, creating a grey area that made institutional adoption legally hazardous
- Failed to prevent major frauds: Critics pointed to the SEC’s inability to catch the $40 billion Terra collapse and the FTX fraud while simultaneously pursuing enforcement actions against compliant businesses
The Inconvenient Chart
Trump’s claim that he saved crypto sits alongside an uncomfortable data point. Bitcoin hit $126,000 under his presidency before spending seven months declining to its current level around $76,000. Holders who bought near the peak are significantly underwater.
The CLARITY Act, which Trump has positioned as the legislative pillar of his crypto legacy, is still working through the Senate.
What Has Actually Changed
The SEC has dropped enforcement actions against multiple crypto firms, signalled openness to tokenised securities, and ended the 1972 policy preventing settling defendants from denying wrongdoing.
Related: Bitcoin Struggles Near Key Support Despite S&P 500 Hitting New Highs
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