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Coin界 reported on March 12 that FTX founder SBF posted on his X account stating that former SEC Chairman Gary Gensler not only "declared war" on the crypto industry during his tenure, but also privately pushed with Senator Elizabeth Warren in Washington to weaken the CFTC's authority and concentrate more regulatory power at the SEC. He further restricted crypto business compliance by requiring "licenses that don't actually exist." SBF pointed out that Paul Atkins, the new SEC chairman appointed by Trump, is more inclined to only require licenses that actually exist in reality, thus preventing the crypto industry from being caught in the power struggle between U.S. federal regulatory agencies.