- The crypto industry seems happy to see Brian Brooks as the new chairman and they have posted on this matter with a positive note by using the hashtag BrianBrooks for SEC.
- Brooks is a prominent figure in the industry who has served in Coinbase, BitFury Group, and Binance.
- Brooks spoke about the predictions and has outlined major steps he thinks the future SEC head should give priority to encourage a crypto-friendly environment.
A poll for the next chairman of the Securities and Exchange Commission of the United States was held at a prediction platform, Kalshi in which Brian Brooks is leading with having 48% vote in his favor.
The new chairman will be a replacement for Gary Gensler, whose exit is eagerly awaited by the crypto industry. Some other names for the replacement over the platform were Dan Gallagher having a 25% vote, Mark Uyeda having a 5% vote, Paul Atkins having a 5% vote, and many others.
The crypto industry seems happy to see Brian Brooks as the new chairman and they have posted on this matter with a positive note by using the hashtag #BrianBrooksforSEC and they have also tagged Donald Trump in their posts.
Priorities of the new SEC Chair
Brooks spoke about the predictions and has outlined major steps he thinks the future SEC head should give priority to encourage a crypto-friendly environment. The majority of these steps are implanted in policies from the former Trump government.
On November 17, Brooks took to a social media platform, X, and posted that, “Whoever Donald Trump appoints as SEC chair won’t be starting from scratch. In his last administration, President Trump built the infrastructure for two ATH cycles.”
According to Brooks, the first thing that should be given priority by an SEC head is giving permission to national banks to hold custody over crypto assets. He further states that the SEC requires qualified custodians for institutional crypto asset management.
After this, the Commission should give proper guidance for bank deposits backing stablecoins. He believes that stablecoins can build up the global reserve currency status of the United States.
The regulating body then must move forward with permitting financial companies to act as validator nodes on blockchain in the hope of legalizing them and giving blockchains a similar status as ATM and SWIFT.
Why is Brian an ideal candidate?
He also gave a reference to OCC’s conditional approval of Anchorage Trust Company which eventually became Anchorage Digital Bank. As per Brook, this is a blueprint for developing measures in crypto asset custody.
Concluding this, the former Donald Trump government has raised these issues which are speculated to be resolved in his second turn. And somehow, some developments were also made in the first administration so that the new SEC Chair does not need to start from scratch.
Brooks is a prominent figure in the industry who has served in Coinbase, BitFury Group, and Binance. He is a candidate for the next chairman and a replacement for Gensler as his experience and work in the crypto industry make him a perfect choice.
