President-elect Donald Trump may make an announcement tomorrow about his pick for the new chairman of the Securities and Exchange Commission (SEC), according to sources cited by Fox Business reporter Eleanor Treat.
The report comes as the cryptocurrency community awaits the departure of current SEC Chairman Gary Gensler, which could lead to more crypto-friendly policies as Trump looks to overhaul cryptocurrency regulation in the United States.
Gary Gensler's successor reportedly to be announced
Gensler is officially set to step down in January 2025, but there are reports that he may leave earlier. According to the latest reports, the cryptocurrency market may know the next SEC chairman tomorrow.
“Donald Trump’s pick to replace Gary Gensler as SEC Chairman could be announced as soon as tomorrow, according to Fox Business. Stay tuned,” Tretter shared.
Former SEC Commissioner Paul Atkins, a well-known advocate of less regulation, is the most likely candidate to succeed Gensler. Two current SEC commissioners, Hester Peirce and Mark Yuda, are also vying for the position.
Both Pierce and Yuda have publicly criticized the SEC’s focused enforcement approach to cryptocurrencies under Gensler’s leadership, advocating for clearer guidelines and collaboration with the industry.
Yoda particularly emphasized the need to establish a balanced regulatory framework that both promotes innovation and protects investors. The election of any of the three candidates could mean a major shift in the SEC's stance on digital assets, in line with Trump's vision of creating a more cryptocurrency-friendly environment.
"Hopefully the next chairman will be pro-crypto and bring benefits to our cryptocurrency community!" commented an X (Twitter) user.
Gensler, meanwhile, is expected to leave office, bringing to an end a tenure marked by controversial enforcement actions. Crypto supporters have widely criticized his regulatory approach, saying it has created uncertainty for the industry.
In a humorous twist, TRON founder Justin Sun recently jokingly offered Gensler a job in the blockchain industry, highlighting the polarized reaction to his policies.
The appointment of the new SEC chairman is part of Trump's broader plan to reform U.S. financial regulation, especially in the cryptocurrency sector. During the campaign, Donald Trump promised to fire Gary Gensler and introduce reforms to establish clear, innovation-friendly rules for digital assets. This is consistent with his pro-business agenda and could make the United States a global leader in this field.
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