- Trump vowed to fire SEC Chair Gensler, igniting regulatory hopes in the crypto community.
- Potential SEC successors may significantly shift crypto regulations, despite legal challenges.
As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed my fair share of regulatory changes under various administrations. The potential shift in the Securities and Exchange Commission (SEC) leadership, spearheaded by President-elect Trump’s promise to fire Chair Gary Gensler, is indeed a noteworthy development in the crypto community.
The United States has chosen its 47th president, Donald Trump, and this election outcome is generating excitement among cryptocurrency enthusiasts.
Will Trump fire Gary Gensler?
Trump’s prior promise to dismiss SEC Chairman Gary Gensler, made during the 2024 Bitcoin Conference, has rekindled optimism among many for potential changes in regulation.
Gensler was seen by many crypto firms as an impediment to the industry’s growth.
During his term, Gensler took a firm approach that resulted in substantial financial backing to Trump’s campaign, as cryptocurrency companies aimed to establish a friendlier regulatory environment by offering their support.
There have been talks around Gensler going under investigation hours after Trump was elected.
Despite doubts about Trump actually ousting Gensler on his first day, it’s clear that there’s a strong desire for change in the air.
For those unaware, here’s what Trump had promised at the conference,
Beginning on the first day, I plan to dismiss Gary Gensler from his position as SEC Chairman and appoint a new one instead. I must admit, I didn’t realize he was so unpopular. Let me make it clear: On day one, I intend to terminate Gary Gensler.
H had added,
“The day I take the oath of office, Joe Biden and Kamala Harris’ anti-crypto crusade will be over.”
It’s important to point out that during Kamala Harris’ campaign, she showed signs of moving towards a more even-handed regulatory approach. This suggested the possibility of change, no matter the political result.
Things are not that easy as it seems to be
Despite potential legal obstacles because dismissing the SEC Chair Gensler without just cause goes against Supreme Court rulings, there’s growing speculation about who might take over his position if Trump proceeds with the move.
Just as anticipated, various individuals have emerged as possible successors for the role, with the transition happening after Trump’s inauguration on the 20th of January.
Under discussion are SEC Commissioners Hester Peirce and Mark Uyeda, who are recognized for their more business-accommodating perspectives.
Also among them are Dan Gallagher, who serves as the Legal Chief at Robinhood; Chris Giancarlo, a champion for advancements in blockchain technology and a previous Chair of the Commodity Futures Trading Commission (CFTC); and Brian Brooks, the ex-CEO of Binance.US.
Each individual contributes a distinct regulatory background and viewpoint, which might indicate a substantial change in the Securities and Exchange Commission’s (SEC) strategy towards cryptocurrency.
Gensler’s next move
Given Trump’s proposed choices for the SEC leadership, Chair Gensler may decide to resign before the incoming administration assumes office in January.
If President Joe Biden decides to step down prematurely, he has the option to temporarily assign one of the current Democratic commissioners as the interim chair, ensuring continuity until the Inauguration of Donald Trump.
It’s possible that Trump might choose a temporary head, possibly instead of Commissioner Caroline Crenshaw, who needs to be reappointed.
Should Gensler completely step down from his position, it’s necessary to appoint and confirm a replacement, thereby potentially deepening the anticipated reshuffling at the SEC.
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2024-11-08 14:48