- Trump’s re-election has increased optimism for a Bitcoin reserve and a more crypto-friendly US.
- SEC Chair Gensler, seen as an obstacle to the US becoming a crypto hub, is likely to resign soon just as past SEC chiefs have after elections.
- Potential successors are largely pro-crypto, promising significant shifts in regulatory approaches.
Donald Trump’s re-election hasn’t only kicked off a huge crypto bull-run but also caused speculations on some of the promises he made to the industry. While the jury is still out on whether a US Bitcoin reserve is coming, the United States are looking crypto-friendlier by the minute.
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And one thing holding back the US from becoming the world’s crypto capital – at least if you ask anyone on Crypto Twitter – is the chair of the Securities and Exchange Commission (SEC), Gary Gensler. Trump had threatened to fire Gensler on day one and although he may not technically be able to do so, it looks more and more likely that Gensler will resign by himself.
Gary Gensler a Thing of The Past Soon?
Rumours suggest Gensler might pack up and leave after Thanksgiving, in keeping with tradition and aligned with past SEC leaders. As lawyer MetaLawMan points out, past SEC chiefs have announced their resignation within weeks of a new president being elected.
Even if Gensler doesn’t resign voluntarily, MetaLawMan believes Trump would still have the authority to dismiss him, though this is not universally agreed upon. Another way for Trump would be to announce a new SEC Chair and demote Gensler.
Either way, it’s a very likely scenario that the ‘regulation by enforcement’ years of Gary Gensler are over soon.
Who Could Follow Gensler’s Likely Departure?
According to Fox Business reporter Eleanor Terrett, the next person at the top of the influential agency could well be pro-crypto. But crypto won’t be the only topic, as per her sources, the incoming chair should be “well-equipped to handle all the other issues under the SEC’s purview”.
Which includes “public companies, the stock market, the bond market, private funds, the consolidated audit trail (CAT), etc”.
Several names are circulating as potential replacements for the SEC chair, each bringing different perspectives and backgrounds.
Dan Gallagher, previously hesitant due to his position at Robinhood, might reconsider as the situation develops. Bill Stebbins, connected to former chair Jay Clayton and considered a potential nominee, would be expected to align with the Trump administration’s stance on digital assets.
Pro-crypto figures Paul Atkins and Pam Bondi are also in the mix, with Atkins involved in the Digital Chamber of Commerce and Bondi advising on DeFi projects.
Related: SEC in Hot Water: 18 States Sue as Gensler’s Crypto Freeze Backfires
Other discussed candidates include former Acting Comptroller of the Currency Brian Brooks, former CFTC Chair Heath Tarbert and former SEC Investment Management Director Norm Champ, who said he would be “honored to serve if the president asked”.
Meanwhile, GOP SEC Commissioner Mark Uyeda could potentially serve as acting chair, and Commissioner Hester Peirce has reportedly expressed disinterest in the position.
I’m told by people close to him that GOP SEC Commissioner Mark Uyeda would be happy to serve as chair and may serve as acting chair, while GOP Commissioner Hester Peirce has expressed privately she’s not interested in the chair position.
Eleanor Terrett, Fox Business
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