Trump Considers Pro-Crypto Candidates for SEC Leadership Positions
Donald Trump is considering appointing pro-crypto candidates to key financial regulatory positions, indicating a shift towards more crypto-friendly policies in the U.S. His transition team is reviewing candidates to potentially replace current SEC Chair Gary Gensler, who is known for his strict cryptocurrency regulations. Top candidates include Hester Peirce, Mark Uyeda, and Paul Atkins, all proponents of a less restrictive approach to digital assets.
The next administration's regulatory appointments could significantly influence the future of cryptocurrency in the U.S. A new SEC chair and other agency leaders may ease regulations, fostering a supportive environment for crypto innovations. Among those under consideration are current regulators and former officials with a strong pro-crypto stance. Former SEC Commissioner Daniel Gallagher, now on Robinhood’s board, has criticized the SEC’s stringent policies on digital assets, while Peirce and Uyeda have expressed similar concerns regarding the current administration's approach.
Peirce is being considered as an interim SEC chair and may lead a federal task force on cryptocurrency regulation. Paul Atkins, a former SEC commissioner who advised Trump, is also noted for his support of the crypto industry. Chris Giancarlo, former head of the Commodity Futures Trading Commission (CFTC) under Trump, is another candidate recognized for his pro-crypto views.
This potential leadership change follows aggressive actions by the SEC under Gensler, which pursued cases against major crypto firms like Binance, Coinbase, and Ripple for alleged securities law violations. These companies assert they operate lawfully and transparently. Trump has previously indicated his intention to remove Gensler, suggesting a new direction for the agency.
Trump's election victory has already influenced the crypto market positively. Anticipation of regulatory changes contributed to one of the largest bull runs in years, with Bitcoin ETFs recording $1.39 billion in inflows on November 7, following the election results. Additionally, three major crypto investors gained $47 million in bets on Polymarket after the Republican win.
In summary, Trump’s pro-crypto stance and proposed regulatory appointments indicate a potential relaxation of restrictions, likely allowing banks greater freedom to engage with the crypto industry.