A recent report by Fox Business journalist, Eleanor Terret, disclosed that Donald Trump’s pick for the position of the SEC chairman could be announced tomorrow, December 4.
This comes in fulfillment of Trump’s campaign promise of firing and replacing Gary Gensler on his first day in office. However, Gensler has already announced his resignation on January 20, the same day Trump would be sworn into office.
Gensler’s Run as SEC Chair
Gary Gensler’s term as the chairman of the Securities and Exchange Commission (SEC) was marked with several high and low events, particularly in the crypto industry.
Like it or not, his tenure brought about certain developments like the introduction of exchange-traded fund products in Bitcoin and Ethereum, and a heavy crackdown on crypto fraud-related cases.
NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned .
— Eleanor Terrett (@EleanorTerrett) December 3, 2024
However, his “chokehold” policies on the crypto sector suppressed growth and innovation in the sector, according to Ripple’s chief legal officer, Stuart Alderoty. This was evident in the numerous lawsuits brought against notable industry players including Binance, Coinbase, Kraken, Ripple, and Robinhood.
It was on this basis that many began calling for his resignation and a replacement with a more crypto-friendly figure. During the election campaign, Trump promised to make America the “Bitcoin capital of the world,” and create a friendly environment where blockchain technology can thrive.
Trump pointed out that the unclear regulations have stifled crypto growth and have chased several companies overseas. Therefore, he promised to start his term with a new face in the SEC who keys into this vision.
Who Will Replace Gensler?
Several prominent figures have been mentioned as potential replacements for Gensler. Some of these names include former SEC Commissioner, Paul Atkins, former Binance U.S. head, Brian Brooks, and SEC Commissioner, Hester Peirce.
Other names thrown around include Robinhood’s Dan Gallagher, Mark Uyeda, Robert Stebbins, and Heath Tarbert. However, Paul Atkins seems to have the upper hand according to data from the betting market, Kalshi.
Source: Kalshi
The data shows that Atkins has a 70% chance of succeeding Gensler while Brian Brooks and Hester Peirce have 20%, and 2% respectively.
According to sources close to the matter, the announcement might come as soon as tomorrow, so the entire crypto industry will be keenly watching to see who takes the mantle to lead the crypto industry into the “promise land.”
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