The overall cryptocurrency market has been experiencing notable upward momentum following the victory of pro-crypto Donald Trump and has gained support from the anticipated resignation of the current Securities and Exchange Commission (SEC) chairman, Gary Gensler.
Gary Gensler, the current Chairman of the SEC, is expected to resign voluntarily after Thanksgiving, with his departure likely to occur by early January 2025, before Donald Trump’s inauguration.
Before the SEC chair steps down, five potential candidates are currently in the race to become chairman. Amid this ongoing race, Brian Brooks, former CEO of Binance US has been named as a potential candidate to replace Gensler.
According to a recent prediction platform, Brooks is currently at the top of the list, and this development on social media is gaining significant attention from crypto enthusiasts around the world. Despite his pro-crypto stance, there is a strong possibility he might face tough competition from other pro-crypto figures like Hester Peirce and Dan Gallagher.
However, currently, Brooks and Gallagher are the top two crypto personalities, with 41% and 25% chances, respectively.
The potential reason Brooks is currently at the top of the list is the need for a proper regulatory outlook in the United States. During Trump’s tenure, he allowed banks and institutions to experiment with blockchain technology and pushed for crypto regulation at that time. In addition, Brooks has experience with Binance and Coinbase.
While examining his past work, the crypto industry expects more crypto-related regulations that not only safeguard investors and traders but also allow everyone to explore this rapidly evolving cryptocurrency landscape.
If Brooks or other pro-crypto figures like Peirce or Gallagher are appointed, the cryptocurrency market could experience notable upside momentum due to the anticipated regulatory clarity and supportive policies that encourage innovation while safeguarding investors.
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