Democrats Warming to Crypto: Former House Rep Says 'SEC Chief Gensler is a Short-Timer'

IconCryptoNewsTerminal Staff14 Jun, 2024

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Democrats Warming to Crypto: Former House Rep Says 'SEC Chief Gensler is a Short-Timer'

Former Democratic U.S. Representative for Ohio, Tim Ryan, believes Democrats are becoming more open to crypto regulation. In an interview with MarketWatch, he stated that "there is a growing groundswell of support for tailored crypto regulation" and that Democrats are "finally warming up to crypto." Ryan also predicted that SEC Chair Gary Gensler will not remain in his position for long. He said, "SEC Chair Gary Gensler is a short-timer," and emphasized the role of Congress in setting the country's direction for the next 10 to 20 years. Ryan highlighted the significance of Nevada Democratic Rep. Steven Horsford, chair of the Congressional Black Caucus, becoming a cosponsor of the Financial Innovation and Technology Act of the 21st Century (FIT21). He believes this shows Horsford's belief that crypto can be a valuable tool for banking the unbanked in minority communities. Tim Ryan currently serves on the Global Advisory Board for Coinbase (COIN).

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