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Following Donald Trump’s recent election victory, discussions have begun regarding the selection of a new chair for the U.S. SEC. According to Fox Business journalist Eleanor Terrett, sources close to Trump’s transition team promises that the next SEC chair will likely be pro-crypto. Yet, here some top pick for the next SEC chair, & the big question will Gary Gensler step down when Trump takes office on January 20?
Trump’s Team Hints AT Pro-Crypto SEC Chair
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 assured her that the team’s focus would indeed be on choosing someone supportive of digital assets, signaling a likely shift from the current administration’s anti-crypto stance.
“I promise you it will be someone pro-crypto.”
While no final decision has been made and discussions are ongoing, Trump’s team appears focused on finding a candidate open to encouraging growth and innovation within the digital asset industry.
Will Gary Gensler Step Down?
Current SEC Chair Gary Gensler, appointed by President Joe Biden in early 2021, has taken a hardline regulatory approach toward the cryptocurrency industry.
Under Gensler’s leadership, the SEC has hunt numerous enforcement actions targeting crypto companies
Meanwehile, his term officially extends until 2026, but with Trump set to take office, Gensler may face pressure to step down. Perhaps hasn’t said whether he’ll step down or not.
Top Pick For Next SEC Chair
Several strong candidates are being considered to replace Gary Gensler as SEC chair. Earlier Coinpedia reported that Dan Gallagher, Robinhood’s Chief Legal Officer and former SEC commissioner, is a top pick due to his pro-crypto stance and criticism of the SEC’s current regulations.
Another possible choice is SEC Commissioner Hester Peirce, known for her support of the crypto industry. However, Richard Farley, a partner at Kramer Levin Naftalis & Frankel, is also in the running.
As discussions continue, the focus is on selecting a chair who supports digital asset growth and innovation.