Who Will Trump Appoint to Replace Crypto-Hostile Gary Gensler at the SEC?
Date: 2024-11-18 Author: Henry Casey Categories: IN WORLD
Gary Gensler has emerged as the number one enemy of cryptocurrency in the United States. During his tenure as head of the SEC, the regulator has filed a record number of lawsuits against crypto companies. According to Paradigm, during Gensler’s three years at the helm, the commission has taken 50% of all actions against the crypto industry since 2015.
During his campaign, Donald Trump promised to fire Gensler on his first day as president. This statement received thunderous applause at the Bitcoin 2024 conference in Nashville. However, under US law, the president cannot simply fire the head of an independent commission without good cause, which makes it difficult to fulfill this promise.
However, Gensler may voluntarily step down after Joe Biden leaves office, or be demoted to commissioner. Trump may also try to justify the dismissal "for cause," although this would break with established traditions.
Among the possible candidates to replace Gensler are:
1 Hester Peirce - known as the "crypto mom," she is an outspoken advocate for regulatory reform. Her ideas are supported by major market players, including Coinbase CEO Brian Armstrong.
2 Mark Uyeda - actively defends the interests of the crypto industry at the SEC and believes that the commission abuses its powers.
3 Paul Atkins - a former SEC commissioner who criticizes excessive financial regulations.
4 Chris Giancarlo - the former head of the CFTC, known as the "crypto dad," who actively promotes digital currency technologies.
5 Dan Gallagher - Robinhood's chief legal officer, who previously opposed Gensler's policies in Congress.
These candidates have different approaches to regulation, but most of them have a common feature - a willingness to reform the system and support innovation. The appointment of a new SEC chief will be an important step for the future of the crypto industry in the US.
