President Trump has taken direct aim at former SEC Chair Gary Gensler, accusing him of nearly destroying the American crypto industry during his tenure. The criticism, paired with promises to build a secure digital asset market, signals a continued and aggressive pivot away from the enforcement-heavy approach that defined the previous administration’s relationship with crypto.
Treasury Secretary Scott Bessent reinforced the message, stating that the previous administration’s policies “nearly destroyed the industry.”
From “fire Gensler” to actually replacing him
This isn’t new rhetoric from Trump. Back at the Bitcoin 2024 conference in July, he told attendees he would fire Gary Gensler on day one if elected.
Gensler’s term ended in January 2025, coinciding with Trump’s inauguration. Paul Atkins, a former SEC commissioner with a well-documented pro-crypto stance, stepped in as the new chair. Atkins has long advocated for lighter-touch regulation and clearer rules, the exact opposite of Gensler’s philosophy that most existing securities laws already applied to digital assets.
