Despite Trump’s public declaration to dismiss Gary Gensler, the current SEC Chief, his actual capability to remove Gensler from chair is limited till the end of Gensler’s term in 2026. In this scenario, the president-elect’s new appointment will likely center on the future handling of cryptocurrency regulations.
Dan Gallagher, an ex-SEC commissioner and presently the chief legal compliance and corporate affairs officer at Robinhood Markets, has been speculated as a potential replacement for Gensler. Gallagher, known for his criticisms of the current SEC’s approach to crypto regulation, has previously suggested changes to the agency’s current strategies.
Ex-SEC commissioner, Paul Atkins, is another potential candidate for the position. Currently serving as the CEO of consultancy Patomak Global Partners and a co-chair of the Token Alliance, Atkins has sided with the SEC’s stance that Bitcoin is not a security, but has also expressed criticism toward the approach Gensler employed in regulating crypto. He has suggested that SEC’s method of regulation through enforcement is problematic.
Others have also suggested Mark Uyeda, who began his second term as an SEC commissioner in January and has been a vocal critic of the SEC’s present approach to regulating cryptocurrencies.
While Trump was initially anti-cryptocurrency during his first term in presidency, he has since embraced cryptocurrency, actively incorporating it into his 2024 campaign and launching his own cryptocurrency ventures.
On the other hand, Gensler has won notable settlements with various crypto companies but has been criticized by crypto industry leaders for not providing clear guidance regarding crypto regulations.
No final decision has been made on Trump’s appointees as of yet. However, one thing is clear that a shift in the SEC’s approach to cryptocurrency is likely incoming.