Crypto vs. SEC: Will SEC Chair Gary Gensler Resign? Ron Hammond Weighs In

Ron Hammond, representing the Blockchain Association, recently shared insights on several crucial issues within the cryptocurrency industry during a conversation with the host of Thinking Crypto. These topics included the imminent possibility of a Bitcoin spot ETF gaining approval and the challenges that SEC Chair Gary Gensler currently faces.

In their discussion, they explored the potential approval of a Bitcoin spot ETF in the near future, particularly given Grayscale’s recent success and the increasing number of applicants vying for this ETF spot. Speculation is mounting that the fourth quarter of this year could witness the approval of such an ETF.

However, the interview also raised questions about Gary Gensler and the SEC’s stance on this matter. If Gensler were to deny the ETF application, he would need to provide credible reasoning, possibly centered around custody concerns. Ron Hammond suggested that such a denial could potentially trigger a challenging legal battle and lead to a negative public perception of how the SEC handles crypto-related matters.

The interview also delved into the possibility of Gary Gensler resigning from his position as SEC Chair due to increasing pressure and criticism. While resignations in such high-ranking positions are rare, Hammond noted that political forces and public opinion can sometimes lead to such outcomes.

“I wouldn’t go so far as to say resigning is a likely outcome. Typically, individuals in such positions do not resign in these situations. Resignations are quite rare in the context of Washington, D.C. However, it is more about the actual policy itself rather than any scandalous circumstances that some individuals might find themselves embroiled in.”

The upcoming 2024 election was mentioned as a potential influencing factor. If Democrats fear that Gensler’s regulatory approach could have a negative impact on their electoral prospects, they might exert pressure on him to moderate his stance. Furthermore, if Gensler faces opposition within his own party during the renomination process, it could further jeopardize his position.