It is rumored that SEC Chairman Gary Gensler will be dismissed after the US Elections: Here are the Names and Cryptocurrency Opinions that Could Replace Him!

Gary Gensler, the current chairman of the U.S. Securities and Exchange Commission (SEC), may be nearing the end of his controversial term, which raises questions about who might replace him. crypto para It raises questions about what implications it could have for the industry.

For the past three years, Gensler has been the focus of criticism from cryptocurrency advocates who argue that he unfairly targets the industry with harsh enforcement measures. In anticipation of potential changes, the crypto industry has significantly increased its financial contributions to the 2024 elections.

Former President and current Republican presidential candidate Donald Trump has stated that he will fire Gensler on his first day in office, a promise that may or may not be possible. Meanwhile, moving away from President Biden’s harsh anti-crypto stance, Vice President Kamala Harris has expressed support for a regulatory framework for digital assets, making it possible that she, too, will appoint a new SEC chair if elected.

Trump’s campaign aggressively targeted pro-crypto voters, highlighted by his attendance at a Bitcoin conference, creation of his own cryptocurrency, and promises to establish the US as the “crypto capital of the planet.” His possible appointees for SEC chairman include Dan Gallagher and Hester Peirce, both of whom are known for their more positive views on digital assets.

Dan Gallagher, a former SEC member who served from 2011 to 2015, has served as Robinhood’s Chief Legal Officer for the past four years. His public criticisms of Gensler’s approach reflect his belief that current SEC practices are stifling the industry. “Rather than issuing rules to provide regulatory certainty, the SEC has targeted individual firms, including Robinhood, through enforcement and regulation,” Gallagher said.

Hester Peirce, who has served as SEC commissioner since 2018, also expressed her disagreements with Gensler’s strategies. In an interview with CoinDesk, Peirce criticized the agency’s enforcement-first approach, arguing that it was neither effective for the industry nor for the SEC itself.

While Harris’ stance was less overtly supportive than Trump’s, she too acknowledged the importance of cryptocurrency voters and suggested keeping the United States at the forefront of blockchain innovation. In his campaign, he proposed regulatory measures aimed at promoting safe and inclusive financial systems, especially for marginalized communities.

According to reports, Harris is considering appointing either Chris Brummer or Erica Williams as SEC chair. Chris Brummer, who currently heads the Georgetown Institute of Economic Law, has a background in financial regulation and was previously nominated by President Obama to chair the Commodity Futures Trading Commission, although Trump withdrew his nomination. Brummer’s founding of Bluprynt, a platform designed to make compliance easier for crypto firms, aligns with his nuanced approach to crypto policy.

Erica Williams, the current chair of the Public Company Accounting Oversight Board (PCAOB), is another potential candidate. His work at the PCAOB, which collaborates with the SEC to oversee public company audits, speaks to his commitment to protecting investors. While Williams has not taken a public stance on cryptocurrencies, the PCAOB has increased its oversight to address risks posed by digital asset audits.

While the outcome of the presidential elections to be held in 2024 remains uncertain, the future of crypto regulations also remains uncertain. Jenice Malecki, chair of the New York State Bar Association Securities Arbitration Committee, stated that regulation is necessary regardless of who runs the SEC. “Lack of regulation hurts everyone. It hurts investors. “It harms legitimate cryptocurrency sellers and allows bad actors to run rampant… I don’t know exactly what it should look like, but there is definitely a need for regulation,” he said.

*This is not investment advice.