U.S. Senator Katie Britt (R-Montgomery) is critiquing the Biden-Harris Administration for its restrictive policies relating to the digital currency, Bitcoin.
The policies under fire relate to crypto regulation and in particular Operation Chokepoint 2.0. According to Forbes, Barack Obama began the process of working to restrict access to financial services for businesses deemed “high-risk.” After President Biden took over, the operation expanded to include a significant crackdown on the crypto industry, including on Bitcoin. At the President’s direction, the Securities Exchange Commission has since “pursued case-by-case enforcement actions against major crypto firms.”
Britt, who accepted Bitcoin in her campaign effort, called the rise in value “another clear repudiation of the Biden Administration’s policies” and explained the significance of Bitcoin.
“Supporting Bitcoin means supporting personal freedom, American competitiveness, and national security,” she said.
Bitcoin reaches >$90k and counting. Another clear repudiation of the Biden Admin’s policies. Americans deserve an SEC Chair that embraces innovation and economic promise. #GetGenslerOut
— Senator Katie Boyd Britt (@SenKatieBritt) November 13, 2024
Britt also called for a new SEC Chairman to replace Gary Gensler who has helped to lead the crackdown on the industry. Since taking over the agency, Gensler has been constantly at odds with crypto leaders who believe that the SEC’s absence of distinct crypto industry guidelines has harmed compliance efforts.
Gensler’s termination process while complicated, is eventually all but assured. In his campaign to retake the White House, President-elect Donald Trump promised to immediately fire him from the position. However, Gensler cannot be removed without cause until his term concludes in 2026 because of the Supreme Court’s 1935 decision in Humphrey’s Executor v. United States. The ruling protects independent agency heads, such as FTC commissioners, from removal based on executive preference alone.
Austen Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten