Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), may soon be replaced, with Donald Trump’s transition team reportedly considering potential candidates.
Although Trump pledged in July to remove Gensler on the first day of a second term, he cannot technically do so without cause until Gensler’s term concludes in 2026. Cryptocurrency policy remains central to Trump’s focus in selecting a new SEC head.
Crypto Regulation Faces Criticism
Dan Gallagher, former SEC commissioner and current Chief Legal, Compliance, and Corporate Affairs Officer at Robinhood Markets, is a potential candidate, according to Reuters. Gallagher has openly criticized Gensler’s regulatory methods, particularly regarding cryptocurrency.
During a Congressional hearing in September, he argued that the SEC’s enforcement-driven approach has created uncertainty, harming innovation and weakening the United States’ position in digital asset markets.
JUST IN???? SEC Chairman Gary Gensler is expected to resign by the end of December according to an anonymous sourceChair Gensler was appointed by President Joe Biden in 2021Repost if you support his resignation ✔️ pic.twitter.com/YXllry3NmL
— Meta News???? (@xMarketNews) November 9, 2024
Former SEC Commissioner Considered
Paul Atkins, another former SEC commissioner who was part of Trump’s 2016 transition team, is also reportedly under consideration. Atkins currently leads Patomak Global Partners and serves as co-chair of the Token Alliance, an industry group promoting digital asset acceptance.
In a 2022 interview, he expressed agreement with the SEC’s stance on Bitcoin’s non-security status but criticized Gensler’s enforcement-driven regulatory strategy.
Another possible candidate is SEC Commissioner Mark Uyeda, who was reappointed in January. Uyeda has held various SEC roles, including as an advisor to former Chairman Jay Clayton. He has been outspoken in his disapproval of the SEC’s handling of crypto issues, labelling its policies a “disaster” and calling for a top-down change.
⚡ NEWS: Mark Uyeda, SEC Commissioner, is emerging as a potential successor to Gary Gensler. #crypto #SEC pic.twitter.com/hKbGkSBAMv
— REV3AL (@Rev3alTech) November 7, 2024
Trump Team Weighs Appointees
While Gensler has achieved high-profile settlements, including a $4.5 billion agreement with Terraform Labs, industry figures argue that the SEC’s lack of clear crypto guidelines has undermined compliance efforts.
In October, Gensler hinted at a possible departure, stating: “Traditionally, presidents decide who chairs the SEC.”
Karoline Leavitt, Trump’s transition spokesperson, stated that no final decision on potential appointees has been made.
This article was written by Tareq Sikder at www.financemagnates.com.
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