Trump Administration Prepares to Oust Crypto-Critical Regulators—Gensler First on the Chopping Block

Washington shakes as the incoming administration signals a purge of anti-crypto officials. Gary Gensler—the SEC chair who became the bane of DeFi—tops the hit list.

Sources close to the transition team confirm a sweeping overhaul of financial oversight, with ’pro-innovation’ replacements expected. Critics call it a gift to crypto whales—because nothing says ’democracy’ like letting billionaires write the rules.

He shared why he is optimistic about the future of the crypto space. Vance described cryptocurrency as a “genuine ground-up innovation” that helps tens of millions of Americans. He believes “50 million Americans own Bitcoin” now and expects that number to grow to 100 million soon. Vance said crypto acts as a protection against poor government policies, no matter which party is in charge.

On stage, the Vice President acknowledged the big shift in government policy during a potential second Trump term. “Crypto finally has a champion and an ally in the White House,” he said. He declared, “Operation Choke Point 2.0 is dead, and it’s not coming back under the Trump administration.” This phrase referred to past government actions that many in crypto saw as unfair crackdowns.

He added, “Will we lead our nation into a future of financial sovereignty, of innovation and prosperity, or will we let unelected bureaucrats and four competitors write the rules for us?”

The audience returned the energy when Vance spoke about firing Gary Gensler. He criticized the former SEC Chair, saying that regulators like him block innovation while claiming to protect consumers. He promised to fire such officials who act like Gensler. 

“We know their type, and we know the game they play: under the pretense of consumer protection, they attacked every single effort to democratize our financial markets.”

The Vice President also spoke about the GENIUS Act, a law passed by the House to regulate stablecoins. Vance said this law will allow stablecoins to become a payment system for millions and will increase market transparency. 

He countered the concerns that stablecoins pose a risk to the U.S. dollar. He said, “Let me be emphatic — this administration does not think that stablecoins threaten the integrity of the United States dollar.” He said there was no political resistance in the crypto space from 2021 to 2022 until the community became organized.

Vance urged the crypto community to stay politically active. He recalled his own experience owning Bitcoin since his 2022 Senate run and praised the community’s role in recent political wins. Also, he noted that he owns a substantial amount of BTC.

Also Read: Peter Schiff Calls Bitcoin a “Memecoin” at Bitcoin Conference 2025