Congressman Michael John Flood believes that Gary Gensler's poor handling of the crypto sector has set America back in terms of crypto innovation. Flood argues that Gensler's regulation-by-enforcement approach and lack of specific laws governing the industry have hindered its growth, allowing countries like China to take the lead. However, Flood believes that the incoming Biden administration under President-elect Donald Trump will bring positive changes to the crypto industry, as Trump has shown support for cryptocurrencies and appointed pro-crypto individuals to his cabinet.



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