Senator Cynthia Lummis recently discussed the possibility of SEC Chair Gary Gensler stepping down from his role next year, particularly if Donald Trump is elected president. She also pointed out that Gensler does not recognize Bitcoin and Ethereum as commodities, and other cryptocurrencies may fall under the jurisdiction of the Commodity Futures Trading Commission.
While Gensler has stated that the SEC views Bitcoin as a commodity, he has not commented on Ethereum’s status in a recent Congress hearing. Lummis emphasized the importance of Congress regulating crypto in the US to provide clarity to companies and prevent other countries from surpassing the US in financial services regulation.
She mentioned that the EU has been effectively regulating the local market since 2023 and emphasized the need for the US to catch up. Additionally, Lummis criticized the SEC for regulating through enforcement actions rather than clear rules, leading to confusion and court cases within the industry.
In agreement with Gensler’s call for regulatory clarity to support the growth of the crypto industry in the US, Lummis highlighted the need for regulators to understand that fraudsters can use any asset for fraudulent activities, not just cryptocurrencies. She emphasized that it is crucial to differentiate between fraudulent activities and legitimate crypto transactions.
