Donald Trump is reportedly considering appointing pro-crypto candidates to top positions in financial regulatory agencies, marking a shift toward more crypto-friendly policies in the U.S. Trump and his transition team are reviewing candidates to potentially replace current SEC Chair Gary Gensler, known for his strict stance on cryptocurrency. Leading the list of candidates are Hester Peirce, Mark Uyeda, and Paul Atkins, all advocates for a less restrictive approach to digital assets.
The next administration’s regulatory appointments are expected to significantly impact the future of cryptocurrency in the U.S. If selected, the new SEC chair and other agency leaders could ease regulations, supporting a friendlier environment for crypto innovations. Among the names under review are current regulators and former officials who have shown strong support for crypto. Former SEC Commissioner Daniel Gallagher, now a Robinhood board member, has openly criticized the SEC’s tight policies on digital assets, while Peirce and Uyeda have voiced similar objections to the current administration’s approach.
One candidate, Peirce, is even being considered as an interim SEC chair, with the potential to lead a federal task force on cryptocurrency regulation. Another contender, Paul Atkins, is a former SEC commissioner who previously advised Trump and is known for his support of the crypto industry. Chris Giancarlo, who led the Commodity Futures Trading Commission (CFTC) under Trump, is also under consideration and is known for his pro-crypto stance.
The possible change in leadership comes after the SEC, under Gensler, aggressively pursued high-profile cases against major crypto companies like Binance, Coinbase, and Ripple, alleging securities law violations. These companies deny the accusations, claiming they operate lawfully and transparently. Trump previously expressed his intent to remove Gensler, suggesting a new direction for the agency.
Trump’s election victory has already had an immediate impact on the crypto market. Optimism about potential regulatory changes has sparked one of the largest bull runs in years. Bitcoin ETFs, for instance, saw record inflows of $1.39 billion on November 7, the day after election results were confirmed. Additionally, three major crypto investors earned a total of $47 million in bets on Polymarket following the Republican win.
Overall, Trump’s pro-crypto stance and planned regulatory appointments signal a potential easing of restrictions, potentially allowing banks more freedom to interact with the crypto industry.
