Following Donald Trump’s recent election victory, attention is turning to the selection of a new chair for the U.S. Securities and Exchange Commission (SEC). Fox Business journalist Eleanor Terrett reports that sources close to Trump’s transition team hint the next SEC chair is likely to take a pro-crypto stance.
So, who are the top picks for this critical role, and will current SEC Chair Gary Gensler step down before Trump’s inauguration on January 20?
In a recent exchange, Fox Business reporter Eleanor Terrett reached out to a source close to Trump’s team to clarify the administration’s approach toward the next SEC chair. Terrett asked if the new SEC leader would support crypto-friendly policies.
The source confirmed Trump’s team is focused on selecting someone who backs digital assets, pointing to a possible shift from the current administration’s tougher stance on crypto.
“I promise you it will be someone pro-crypto.”
While no final decision has been made, Trump’s team appears committed to finding a candidate who encourages growth and innovation within the digital asset sector.
Appointed by President Joe Biden in 2021, Gary Gensler has taken a strict approach to cryptocurrency regulation, with the SEC pursuing numerous enforcement actions against crypto companies under his leadership. Although Gensler’s term officially lasts until 2026, he may face pressure to step down with Trump’s return to office.
So far, however, Gensler has not indicated whether he plans to leave his position.
Several strong candidates are reportedly in the running to replace Gensler. Coinpedia previously reported that Dan Gallagher, Robinhood’s Chief Legal Officer and a former SEC commissioner, is a top pick due to his pro-crypto stance and criticisms of current SEC regulations.
Other possible choices include SEC Commissioner Hester Peirce, who is known for her strong support of the crypto industry, and Richard Farley, a partner at Kramer Levin Naftalis & Frankel.
As discussions continue, the focus is on selecting a chair who supports digital asset growth and innovation.
A pro-crypto SEC chair may finally bring the regulatory clarity the industry has been waiting for. That’s definitely a cause for celebration!
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