US District Judge Amy Berman Jackson, in a partial ruling against the SEC v. Binance case, noted that the "case-by-case, coin-by-coin" litigation strategy risked conflicting results.

Industry leaders have long argued that existing securities laws are incompatible with the decentralized nature of cryptocurrencies.

Coinbase, one of the primary targets of the SEC, compared digital assets to collectibles like baseball cards rather than securities.

The lawsuit has put significant pressure on exchanges, many of which have resisted settlements that would have required them to remove tokens or radically restructure their operations.

With Gensler's departure, the crypto industry sees an opportunity for a regulatory reset.

Trump's campaign promises include reducing the regulatory burden and fostering innovation in the crypto space.