Tim Scott to Dethrone Senator Warren, End of Operation Choke Point 2.0?
Highlights
- Scott’s new role may lead to investigations into “Operation Chokepoint 2.0,”which restricted crypto firms’ banking access.
- The industry is optimistic about regulatory clarity as more crypto-friendly lawmakers enter Congress.
- With rumors of SEC Chair Gary Gensler's potential departure, many anticipate the SEC to drop the lawsuits.
In today’s Donald Trump victory, the Republicans have completely swept both – The House and the Senate with an overwhelming majority. As a result, Tim Scott will now be replacing anti-crypto Massachusetts Senator Elizabeth Warren as the head of the Senate Banking Committee. This will be the biggest sigh of relief for the entire crypto industry as it could put an end to the long-going Operation Choke Point 2.0.
Senator Warren Ouster From the Senate Banking Committee
As Republicans take control over the Senate, South Carolina Senator Tim Scott will be the new head of the Senate Banking Committee ousting anti-crypto Senator Warren for this influential role.
This will further make it easy for the Trump administration to implement all the pro-crypto policies promised by Donald Trump in his election campaign. Scott will replace Senator Warren in this influential role, paving the way for potential investigations into “Operation Chokepoint 2.0”.
Elizabeth Warren has gained fame for leading Operation Chokepoint which aims at restricting access to banking for the crypto industry. Popular crypto-friendly banks like Customers Bank and Silvergate Bank have been the victims of Operation Choke Point 2.0. Although Senator Warren won against John Deaton, her victory this time will be less impactful on the crypto space.
Scott’s leadership is likely to bring heightened scrutiny to regulatory practices and policies impacting financial services. A lot of crypto industry players have been cheering this development as the industry can finally look forward to key developments while finding common synergies between the crypto industry and the traditional financial market. The crypto community is eagerly waiting for Donald Trump’s crypto policies.
Goodbye operation chokepoint on #crypto
This will be the first pro #crypto presidency in history
— Quinten | 048.eth (@QuintenFrancois) November 6, 2024
Gary Gensler Leaving Office After US Elections?
There has been a strong buzz that SEC Chair Gary Gensler would be immediately fired as Donald Trump resumes office at the White House. “Bye-bye Gensler” has been already trending on several social media platforms over the past few hours. Many in the crypto industry believe that Gary Gensler was hand in glove with Senator Warren in orchestrating Operation Choke Point 2.0.
Ryan Sean Adams, a prominent voice in the crypto community wrote: “Goodbye Gary Gensler. Goodbye Operation Chokepoint”. He also highlighted that the U.S. regulatory stance on crypto may now transform from opposition to support, suggesting that previous regulatory obstacles are poised to become “tailwinds” for the industry.
Bye bye Gary Gensler.
Bye operation chokepoint.
All the regulatory headwinds just became tailwinds.
Crypto has never existed in a world where the U.S. government is openly supportive.
We’re in uncharted territory now.
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) November 6, 2024
However, it’s not absolutely certain that Gary Gensler will be leaving the office immediately. Popular crypto journalist Eleanor Terret explained:
“If Donald Trump wins, he would be able to demote Gary Gensler from the chairmanship, and designate either Peirce or Uyeda for the time being. But Gensler does have the ability to stay on as a commissioner through 2026 if he chooses to”.
On the other hand, anticipations are growing whether the US SEC will drop lawsuits against crypto firms like Ripple, Binance, Coinbase, and others. It will be too early to say anything as of now.
However, with crypto-friendly lawmakers getting elected in The House and the Senate, the regulatory clarity is likely to emerge moving ahead.
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