US 2024 Elections: Will the New President Fire SEC Chair Gary Gensler?

Under Gary Gensler’s leadership, the United States Securities and Exchange Commission (SEC) has taken a tougher stance on the cryptocurrency industry. This shift has led to growing frustration among crypto enthusiasts towards the current U.S. administration, led by President Joe Biden.

As the U.S. approaches its critical presidential election, many in the crypto community are eager to know if Gensler will keep his position if the Democratic Party is re-elected. Rumors suggest that Vice President Kamala Harris is considering appointing a more progressive financial expert to be the new SEC Chair.

Here’s what we know about the potential changes in leadership – don’t miss this.

Leading Candidates for SEC Chair

Several names are being discussed for the SEC chair position. Chris Brummer and Erica Williams have emerged as top candidates favored by Harris’s transition team. Both are recognized for their progressive views on regulation, especially regarding cryptocurrency.

Chris Brummer: The Perfect Crypto Candidate?

Chris Brummer, a professor at Georgetown Law, is well-known for his expertise in cryptocurrency regulation. He is also the founder of Bluprynt, a company focused on helping crypto firms comply with regulations.

Supporters of Brummer believe his deep knowledge of the industry would enable him to create more supportive policies for the cryptocurrency sector.

Erica Williams: Investor Protection on Top

Erica Williams, the Chair of the Public Company Accounting Oversight Board (PCAOB), has extensive experience in finance. Her strength lies in her solid record of protecting investors through strict audit standards. While Williams may not speak about cryptocurrency as frequently as Brummer, many analysts believe she has a more progressive attitude towards crypto regulation compared to Gensler.

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It’s Time for a Change

Many crypto enthusiasts are calling for the present SEC Chair to be removed from his post. Republican lawmakers close to Donald Trump recently hinted that Trump plans to fire Gensler if elected. However, the big question remains whether the US President has the authority to do so.

A recent legal opinion suggests that the US president has no power to fire the SEC Chair, but can demote him. 

In conclusion, the appointment of either Brummer or Williams would represent a significant moment in U.S. history, potentially leading to the first non-white SEC Chair.

We want to hear from you! Would a new SEC Chair bring positive changes for the crypto industry?