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As Donald Trump prepares to take office for another term, speculation about the future of crypto regulation is increasing, especially regarding the leadership of the US Securities and Exchange Commission (SEC).
Recent social media posts from FOX journalist Eleanor Terret suggest that SEC Chairman Gary Gensler is on the verge of resigning, possibly before Trump’s inauguration in January 2025.
Pro-Crypto Candidates in the Running to Succeed Gensler
According to Speaking to sources close to the situation, Terret said Gensler’s resignation, which leaves his term, which expires in 2026, incomplete, is expected to be announced after Thanksgiving.
While Gensler has faced heavy criticism during his tenure for his strict regulatory approach to the crypto industry, the identity of his successor remains uncertain.
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Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors of his appointment, while several other candidates are being considered.
Among the names in the mix are Dan Gallagher, chief legal officer at crypto exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; former SEC commissioner Paul Atkins; and Paul Hastings attorney Brad Bondi.
Terret suggests that while Gallagher was initially reluctant to leave Robinhood, he may reconsider as the dynamics of government appointments change.
Stebbins, who has close ties to Jay Clayton, a former SEC chairman, is rumored to be a favored candidate even though he has no crypto background. Still, sources suggest he would follow the Trump administration’s lead digital assets.
Atkins and Bondi are both known for their pro-crypto stance, advocating for ‘lighter regulation’. Atkins serves on the board of the Digital Chamber of Commerce and is co-chair of the Token Alliance, focusing on the growth of token issuance. Bondi has been involved in advising decentralized finance (DeFi) projects, which indicate a commitment to fostering innovation in the crypto space.
Trump plans resource allocation for CFTC
Other names circulating in crypto circles include former CFTC Chairman Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Investment Management Director Norm Champ. Champ recently expressed his willingness to serve if asked, indicating his interest in a potential role in the upcoming term administration.
Additionally, pro-crypto SEC Commissioner Mark Uyeda is reportedly open to the chairmanship, possibly as acting chairman, while fellow commissioner Hester Peirce, dubbed the agency’s “crypto mother,” has privately indicated she is not interested in the role.
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With these leadership changes ahead, Terret anticipates that the new SEC chairman will be pro-crypto, while also being equipped to take on the agency’s broader responsibilities, including oversight of public companies, the stock market, the bond market, private funds and the Consolidated Audit Trail (CAT) .
Adding to the speculation is the expectation that the Trump administration may also increase the CFTC’s role in cryptocurrency regulation. Terret claims the government is considering allocating more resources to the CFTC, although the details of how this will be implemented remain unclear and will likely require additional funding.
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