As a seasoned researcher with a keen interest in financial regulation and its impact on emerging technologies like cryptocurrencies, I find myself intrigued by the potential appointment of Richard Farley as the SEC chair. With his background as a Wall Street lawyer, he undoubtedly brings a wealth of experience in traditional finance to the table.
Discussion about a Wall Street attorney being proposed as a possible SEC chairman in Trump’s administration has sparked debate within the cryptocurrency community, as some are worried that his expertise in conventional finance might result in a negative approach toward cryptocurrencies.
On the other hand, some individuals are hopeful, positing that his past experiences could result in “prudent structures” for regulating cryptocurrencies.
According to a November 7th report by the New York Post, Richard Farley, partner at Levin Naftalis and Frankel law firm, is rumored to be under consideration by Trump’s transition team as a possible successor for SEC chair Gary Gensler, who is known to have skepticism towards cryptocurrencies.
Farley reports receives mixed responses
Ever since Trump assumed office as the 47th U.S. President on November 6, there’s been growing curiosity over who could succeed Gensler in his role. The possibility of Farley as a contender has sparked varied responses within the crypto community.
In a post on November 8th, Adam Cochran, partner at venture capital firm Cinneamhain Ventures, stated that the majority of Trump’s suggested choices for the SEC (Securities and Exchange Commission) have not shown support for cryptocurrencies so far.
Farley is not ideal in this situation; he’s a lawyer from Wall Street banking, appointed by RFK. Instead, Cochran suggests three options: Chris Giancarlo, also known as the ‘Crypto Dad’ at the CFTC, Hester Peirce, known as ‘Crypto Mom’ at the SEC, or Dan Gallagher, the legal chief of Robinhood,” Cochran stated.
According to reports from Reuters on November 7th, sources familiar with the situation suggest that Gallagher is presently leading the race to take over Gensler’s position within the Trump team.
Farley’s experience may bolster crypto regulation, says economist
Meanwhile, network economist Timothy Peterson holds a more hopeful perspective compared to Cochran regarding the possibility of Farley succeeding Gensler.
In his November 8 post, Peterson highlighted that although Farley primarily concentrates on conventional finance, his views on regulations underscore the need for a balanced supervision to encourage innovation whilst preserving market stability. To put it simply, he believes regulation should strike a balance between fostering innovation and ensuring market stability.
“These insights can be extrapolated to contemporary issues like cryptocurrency regulation, highlighting the need for thoughtful frameworks.”
Cochran mentioned that some suggested names previously were individuals from the banking sector who actively worked against the growth of cryptocurrencies.
In a post on November 8th, the pseudonymous cryptocurrency trader Adios King expressed his viewpoint: “Given Farley’s deep experience in finance, it seems likely he would adopt a practical standpoint towards crypto, as he has not publicly declared one yet.
Lawyer specializing in cryptocurrency, Jake Chervinsky, has expressed his viewpoint that Mark Uyeda is a likely contender for the position.
Commissioner Uyeda has been vocal about his disagreement with SEC Chair Gary Gensler’s regulatory strategy towards cryptocurrencies, which he referred to as detrimental to the entire sector back in October.
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2024-11-09 05:50