After the historical victory of Donald Trump in the recent presidential elections has sparked my debates about the promises that he made during his election campaign.
During his speech at Nashville this year in July 2024, he stated that he would fire the chair of the Securities and Exchange Commission of the United States for the betterment of digital assets/ cryptocurrencies.
In a recent report by Reuters, it was said that Robinhood’s Chief Legal, Dan Gallagher is reportedly one of the top contenders to replace Gary Gensler. Before this, he served as republican SEC commissioner from 2011 to 2015 during Barack Obama’s presidency.
Additional information cites sources noting that Paul Atkins the former GOP SEC commissioner is also on the list of eligible candidates for the post of SEC chairman.
In his speech especially highlighted that ‘on day one’ after his victory, he will fire Gary and appoint a new chair for the commission for a better future of the industry.
It is worth noting that the appointment of the SEC chairman is solely done by the president of the United States, Gary Gensler was appointed by Joe Biden and his tenure will last till 2026. Available data states that once the current SEC chair said if Trump came into power he would resign from his post.
Before this in October 2024, it was reported by several media outlets that the Robinhood Chief Legal is in the eyes of Trump’s team for the post of SEC chair. However, the claims and assertions haven’t been confirmed by any official of Trump’s office about his appointment.
Will Someone Outside of the Crypto Market be Appointed as a New SEC Chair?
To date the assumed names for the nomination of SEC chair are from inside the crypto market, some argue that the political donation by the crypto market for the recent election will probably influence the selection process of the commission’s chairman.
According to political experts, the recent US election was majorly funded by crypto sectors, followed by the fossil fuels industry. The massive injection of funds for Trump could likely change the stances for digital assets and other decentralized products in the nation.
The speculations are good but the confirmation for the finalized candidate for the post is still awaited. Gary’s attitude towards crypto has demolished his image in the digital assets market and once he was termed as the ‘ villain for crypto.’
Trump will take oath on January 20, 2025, as per the 20th Constitutional Amendment the ceremony takes place only on this date.
Donald Trump’s victory is being hailed as a pivotal moment for the cryptocurrency market, as he has consistently voiced support for Bitcoin and other digital assets since announcing his candidacy and disclosing his digital asset holdings.
Numerous leading figures in the crypto industry have taken to social media to celebrate Trump’s win, calling it the start of a new era for the digital asset market in the United States.