The SEC Chair is expected to be replaced soon as promised by Donald Trump.
The regulatory body has been taking a hostile approach towards crypto regulations over the past years.
A change in leadership, especially a nationwide one can instigate a wave of changes. With new presidential terms incoming in the USA, its leading crypto regulator, the Securities and Exchanges Commission (SEC) is also expected to undergo a leadership change. This is in accordance with Donald Trump’s promise to fire the current SEC Chair, Gary Gensler.
During his campaigns, the 47th president, Donald Trump had promised to fire Gary Gensler on his first day of presidency. The SEC chair showed hostility to the digital assets sector holding onto a policy of regulation through enforcement. On the other hand, Trump’s win has caused general speculation within the community on who would be chosen as the next Chair of the SEC.
Several community members have expressed their opinions on potential candidates who could replace Gary Gensler as Chair. On November 6, Galaxy Digital’s CEO, Novogratz, discussed that Hester Peirce had a high chance of being elected as the next SEC chair. Hester Peirce is currently the Commissioner of the SEC and is known to have expressed opposition to Gensler’s approach.
Meanwhile, crypto lawyer, Jake Chervinsky according to reports has stated that Hester Pierce might have a low chance of becoming the Chair. He said that Mark Uyeda, former SEC commissioner, has higher chances. Chervinsky tweeted that Trump’s top priority must be to alter the crypto regulatory policy.
Who are the Other Prospective SEC Chair Candidates?
The community has propounded several prospects for who would take charge of the US regulatory body. These prospective members have either held positions as Commissioner or other posts earlier and or leaders of financial firms. Several of them hold a history of having a pro-crypto stance.
The aforementioned, Hester Peirce is stated to be a ‘crypto mom’ by the community for her raising her voice against the crypto regulatory methods. Robinhood’s CLO Dan Gallagher is also expected to be one among the choices. Gallagher was an SEC commissioner in Obama’s 2011 to 2015 term.
Apart from them, the author of “CryptoDad: The Fight for the Future of Money”, Chris Giancarlo also holds the potential to be elected the SEC Chair. The entire crypto community is looking forward to seeing a leadership change in the regulatory body after the US elections.
The SEC’s past regulatory methods were forceful with endless lawsuits such as that of Ripple and Coinbase.
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