In the recent Donald Trump victory, Republicans came to power with a large majority in the Representatives and the Senate. As a result, Tim Scott will be appointed as Chairman of the Senate Banking Committee, replacing anti-crypto Massachusetts Senator Elizabeth Warren. This development could come as a huge relief for the crypto industry in terms of ending the long-running Operation Choke Point 2.0.
Senate Banking Committee
With Republicans taking control of the Senate, South Carolina Senator Tim Scott will take an influential role, unseating anti-crypto Senator Elizabeth Warren as chair of the Senate Banking Committee.
This change will make it easier for the Trump administration to implement the pro-crypto policies it promised during the election campaign. Scott’s presidency could pave the way for potential investigations into “Operation Choke Point 2.0.”
Elizabeth Warren has become known for aiming to limit the crypto industry’s access to banking services by directing Operation Choke Point.
“Operation Choke Point is coming to an end for the crypto industry, and the first crypto-friendly presidential term will go down in history.” -Quinten François
When both the Senate and the House of Representatives are in one party, things will become much easier for three-stage legislative approvals. There are no serious obstacles to Trump’s crypto promises coming true, and legal clarity can be achieved quickly.
Dismissal of Gary Gensler
There is strong speculation that SEC Chairman Gary Gensler will be dismissed immediately after the US elections. Within the crypto community, Gensler is thought to be directing Operation Choke Point 2.0 alongside Senator Warren.
Ryan Sean Adams, one of the leading names in the crypto community, said;
“Mr Gary Gensler. Bye bye Operation Choke Point. “All regulatory headwinds are now over for crypto.”
On the other hand, US SEC’s Ripple 
$0.535562Expectations are increasing as to whether he will drop the lawsuits against crypto companies such as Binance and Coinbase. A victory for crypto-friendly lawmakers in the House and the Senate could lead to regulatory clarity in the future.
The crypto industry is hopeful about the positive changes that new policies and joint collaborations with traditional financial markets can bring.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
