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After Donald Trump’s surprising victory in the recent presidential election, there is talk about possible changes in important regulatory positions, especially the US Securities and Exchange Commission (SEC) chair. Dan Gallagher, the Chief Legal Officer at Robinhood, is seen as one of the choices for this key role. As such, sparked discussions within financial and cryptocurrency communities.
Donald Trump to Choose Another US SEC Chair
During his campaign, Trump promised to change the SEC chair, Gary Gensler, creating a friendlier atmosphere for cryptocurrencies. This promise has appealed to many in the digital asset industry. In a speech in Nashville in July, Trump hinted at wanting to appoint a new leader who understands and supports cryptocurrencies.
While Gallagher appears to be the front-runner, other names have also been floated as potential Gensler’s successor. Amongst them is Paul Atkins, a former US SEC commissioner, and Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC). In addition, Robert Stebbins, a former SEC General Counsel.
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Meanwhile, the crypto industry has strongly supported Trump’s campaign through donations. This support could impact the selection of the next chair for the SEC. Many people in the industry believe these contributions might influence who is chosen. However, the industry is closely watching for the announcement of a new candidate.
The Gary Gensler Dilemma
Since Gary Gensler was appointed as the SEC’s chair, he has spearheaded efforts to tighten regulations around the crypto market. This has led to a series of lawsuits and crackdowns. Under Gensler’s leadership, the SEC has taken an aggressive, often confrontational approach to crypto assets. According to Gensler, this will protect investors from fraud and market manipulation, a claim users disagree with.
This cautious stance has not sat well with most people, including Trump. Gensler stance has also drawn support and significant criticism from lawmakers and the crypto community.
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Notably, the US SEC Chair’s term technically ends in 2026, but a Donald Trump administration could force his departure as early as November 2024. If this happens, the road to a more crypto-friendly regulatory environment may open. This is especially true if Trump appoints a successor aligned with his views.
Whether Gensler resigns or remains in his role, the coming months will determine the future direction of crypto policy in America.
