I don’t think there’s any confusion about whether Gary Gensler has sought to radically reshape the crypto regulatory landscape in the United States.

Gensler, head of the Securities and Exchange Commission since mid-2021, made that agenda clear in a speech several months after his confirmation by the US Senate. At the time, he argued that “large parts of the field of crypto are sitting astride of — not operating within — regulatory frameworks that protect investors and consumers, guard against illicit activity, ensure for financial stability, and yes, protect national security.”

His agenda centered around several key points: exchange oversight, stablecoins, custody and…

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