Gensler #OpenToWork? Who Will Be the Next SEC Chair

Donald Trump declared his victory in the US presidential elections in his speech to his supporters in Florida. What will happen to the SEC?

Even though the official election results have not yet been published, the crypto community is already celebrating Trump’s victory; but he doesn’t congratulate Gary Gensler, chairman of the U.S. Securities and Exchange Commission.

Gensler takes a distinctly negative stance towards the crypto market, openly talking about the dominance of “scammers and scammers” in this market. Even when the SEC approved the launch of spot Bitcoin ETFs in the US, Gensler said his stance towards the crypto market remained unchanged:

“Although we are neutral, I would like to point out that the underlying assets in metal ETPs have consumer and industrial uses, whereas Bitcoin is primarily a speculative, volatile asset that is also used for illegal activities such as ransomware, money laundering, enforcement, etc. . Smuggling and financing of terrorism.”

Gary Gensler, SEC Chairman

When Trump spoke to an audience of more than 20,000 attendees at the Bitcoin 2024 conference in Nashville in July, he promised to fire Gensler “on day one” if he won the election.

America will probably say goodbye to Gensler sooner

U.S. President Joe Biden appointed Gensler as chairman of the SEC on April 17, 2021, and his term ends on January 5, 2026. But Gensler’s interference in the crypto industry and the lack of clear regulations could bring it to the brink of collapse. is fired.

Although Trump has said he will fire Gensler, doing so will not be easy because he must prove the SEC chairman’s inefficiency or negligence.

Due to legal and administrative steps, the dismissal process can take more than a year. Trump will probably have to work with Gensler for a while until someone replaces him. But who can replace him after all?

Possible candidates for SEC “Crypto Mom” Hester Peirce presidency

The potential candidate to replace Gensler is unclear; Republicans prefer a more innovative approach, while Democrats prefer strict regulations. This change could have a significant impact on the future of cryptocurrency regulation.

Hester Peirce | Source: crypto.news

Hester Peirce, known as the “Crypto Mother”, is seen as a candidate to replace Gensler. He is known for supporting the crypto industry and criticizing Gensler’s hardline approach. It has significant experience regulating financial markets and is popular among cryptocurrency supporters.

But Peirce hinted that he does not intend to remain at the SEC after his term ends in 2025, casting doubt on his possible appointment. When asked about the possibility of running for the SEC again, he replied:

Absolutely not.

Hester Peirce, SEC Commissioner Fed critic Dan Gallagher

Dan Gallagher, Robinhood’s chief legal officer, has extensive experience at the SEC. He served as a Republican commissioner in former President Barack Obama’s administration from 2011 to 2015 and previously held various positions at the agency.

Dan Gallagher | Source: crypto.news

He played a key role in the SEC’s Trading and Markets Division in the late 2000s, representing the commission during the liquidation of Lehman Brothers and other matters during the financial crisis. Gallagher is known for his harsh criticism of the Federal Reserve and the Dodd-Frank Act and for advocating a comprehensive review of U.S. stock market trading practices.

But Gallagher’s candidacy may face some challenges. His past scandals, such as Robinhood’s decision to suspend trading in GameStop shares during the 2021 meme outbreak, could hinder his candidacy. There’s also the question of whether Gallagher will leave Robinhood for a new role at the SEC.

“Crypto father” Chris Giancarlo

Chris Giancarlo is an attorney and former chairman of the Commodity Futures Trading Commission (CFTC). He earned this nickname due to his popularity in the cryptocurrency space. Giancarlo is also the author of “Crypto Dad: The Fight for the Future of Money.” He is considered a possible candidate to become the next SEC chairman, according to Politico.

Dan Gallagher | Source: crypto.news

During his tenure at the CFTC during the Trump administration, he promoted trading of Bitcoin futures, a key step toward the creation of Bitcoin ETFs.

Giancarlo currently serves as a senior attorney at Willkie Farr & Gallagher. He also held various positions in other organizations, including the “Digital Dollar Project” examining the future of the US dollar. His experience spans a variety of roles in finance and digital assets, including advisory to the American Financial Exchange and the Chamber of Digital Commerce.

Trump advisor Robert Stebbins

Some industry professionals see Robert Stebbins as the next SEC Chairman. Stebbins, who served as general counsel at the firm from 1993 to 2017 before joining the SEC, currently leads the corporate governance practice at the law firm Willkie Farr & Gallagher, where he has an impressive track record.

Robert Stebbins | Source: crypto.news

According to Willkie, during his tenure at the SEC, he actively advised on more than 85 rules and hundreds of orders and oversaw more than 2,750 enforcement cases. He also helped Trump rally SEC chairman Jay Clayton’s team in 2017.

What does the crypto community want from the next SEC chairman?

Coinbase CEO Brian Armstrong has previously stated that the next SEC chairman should stop all persecution initiated by Gensler and apologize to Americans. He has consistently advocated for clearer regulations for the crypto market that would encourage innovation and not stifle growth.

Armstrong’s statement reflects growing discontent among crypto industry participants. Many believe that the SEC has greatly exceeded its authority regarding the crypto market.