Gary Gensler's tenure as the Chair of the U.S. Securities and Exchange Commission (SEC) is being scrutinized in light of his approach to cryptocurrency regulation, particularly regarding memecoins. Critics argue that Gensler's policies contributed to a hostile environment for crypto projects, which they claim has led to an increase in scams and a lack of regulatory clarity. With Gensler's departure, the SEC is undergoing a transformation under new leadership, which is expected to be more business-friendly. This shift comes as the SEC has requested a 28-day extension to respond to Coinbase’s appeal, indicating ongoing reviews of crypto regulations. The legacy of Gensler's regulatory stance is seen as having demonized legitimate projects while failing to establish a framework that would allow the cryptocurrency market to thrive. Unicoin, one of the last firms targeted during Gensler's crackdown, now finds its probe in limbo as the SEC's direction changes.