Trump could dismantle 'crypto regulatory headlock': Rep. Byron Donalds
Former President Trump has big plans for the vast federal regulatory infrastructure, like blowing it up (figuratively).
That’s the word from Rep. Byron Donalds, the Republican congressman from Florida and a prominent member of the House Financial Services Committee who spoke at crypto venture capital firm BlockTower’s investor day on Wednesday.
Donalds revealed that he shared a plane ride Tuesday night from Atlanta to Florida with the former president who is vying to be the next president. Donalds said the two discussed how to dismantle what he described as the regulatory "headlock" businesses like the $2 trillion crypto industry are facing from President Biden and Vice President Kamala Harris, Trump’s opponent in November.
"In short, President Trump is ready to clean house," Donalds told an intimate group of crypto investors gathered at Miami’s Perez Art Museum. "And it's not just a house cleaning, and then you don't know what you're going to do — there's actually a systematic process for having people who are qualified, who have done work in our industries over time in the United States."
Donalds blasted Securities and Exchange Commission Chairman Gary Gensler, one of the main characters behind the agency’s enforcement crackdown on digital assets and often described as the crypto industry’s arch nemesis. Trump has vowed to fire Gensler "Day One" if elected.
"The man thinks that he is smarter than everybody in the room collectively," Donalds said. "That is a height of arrogance, in my view, that you cannot have in a chief regulator."
An SEC spokesperson told FOX Business: "The reforms adopted by the SEC under Chair Gensler's leadership will enhance efficiency, competition, and investor protection in the U.S. capital markets. That's good for both investors and issuers. The agency’s enforcement actions have held wrongdoers accountable and returned billions to harmed investors."
