According to Fox Business, President-elect Donald Trump may announce his choice for the new chairman of the Securities and Exchange Commission (SEC), the US Securities and Exchange Commission, this Wednesday (4).
The report comes as the crypto community awaits the departure of current SEC Chairman Gary Gensler. This could lead to better policies for crypto assets as Trump looks to overhaul regulations in the US.
Gary Gensler's replacement is close
Gensler is officially scheduled to step down in January 2025, but there are reports that his departure could happen sooner. Based on recent reports, the crypto market could meet the next SEC chairman as early as tomorrow.
Donald Trump's pick to replace Gary Gensler as SEC chairman could be announced as early as tomorrow, sources tell Fox Business. Stay tuned, Eleanor Terrett shared on X.
Paul Atkins, a former SEC commissioner and a prominent advocate of deregulation, is a strong candidate to replace Gensler. Two current SEC commissioners, Hester Peirce and Mark Uyeda, are also in the running and are being considered for the job.
Peirce and Uyeda have publicly criticized the SEC’s heavy-handed approach to cryptocurrency regulation under Gensler, advocating for clearer guidelines and collaboration with the industry.
Uyeda, in particular, has been vocal about the need for a balanced regulatory framework that fosters innovation while protecting investors. The leadership of one of these three candidates could signal a significant shift in the SEC’s stance toward digital assets, aligning with Trump’s vision of a more crypto-friendly environment.
We hope the next replacement is pro-crypto and does good for the crypto community!, commented one user.
Meanwhile, Gensler’s expected departure marks the end of a contentious tenure characterized by aggressive enforcement actions against cryptocurrency companies. Crypto proponents have widely criticized his regulatory approach for creating uncertainty in the sector.
Adding a humorous touch, Tron founder Justin Sun recently offered Gensler a job in the blockchain sector, albeit in a joking manner, highlighting the polarized reactions to his policies.
The anticipated appointment of a new SEC chairman is part of Trump’s broader plan to reform U.S. financial regulations, especially in the cryptocurrency space. During his campaign, the new U.S. president promised to fire Gary Gensler and introduce reforms that would establish clear, innovation-friendly rules for digital assets. This aligns with his administration’s pro-business agenda, potentially positioning the U.S. as a global leader in the sector.
The article Trump May Announce New SEC Chairman This Wednesday was first seen on BeInCrypto Brasil.