As a seasoned researcher with extensive experience in the financial and technological sectors, I have closely followed the developments surrounding the U.S. Securities and Exchange Commission (SEC) and its impact on the cryptocurrency market.
Speaking at a rally in Florida, Donald Trump announced that he considers himself the winner of the 2020 U.S. Presidential Election. Now, the question is: What might occur with the Securities and Exchange Commission (SEC)?
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Even though the final election results are still pending announcement, there’s a lot of joy within the cryptocurrency community regarding Trump’s alleged victory. However, this is not the case for Gary Gensler, the head of the U.S. Securities and Exchange Commission.
As a researcher, I’ve observed a clear skepticism from Gensler regarding the cryptocurrency market. He openly expresses concerns about the prevalence of deceitful actors, such as scammers and fraudsters, in this space. Interestingly, despite the U.S. Securities and Exchange Commission (SEC) approving the launch of spot Bitcoin ETFs, Gensler maintains that his perspective on the crypto market remains unaltered.
“Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”
Gary Gensler, SEC Chair
Back in July, when I attended the Bitcoin 2024 conference in bustling Nashville, I was among over 20,000 enthusiasts who listened as Trump boldly declared his intention: “If elected, Gensler will be out of a job on day one.” This statement stirred quite a reaction within the crypto community.
America will probably say goodbye to Gensler earlier
President Joe Biden named Gary Gensler as chair of the Securities and Exchange Commission (SEC) on April 17, 2021, with his term set to expire on January 5, 2026. Nevertheless, due to Gensler’s involvement in the cryptocurrency sector and the absence of definitive regulations, there is a possibility that he may be dismissed from his position.
Despite Trump’s statement about dismissing Gensler, it won’t be straightforward, as he needs to demonstrate that the Securities and Exchange Commission’s chairman is either incompetent or neglectful in his duties.
Because of various legal and bureaucratic procedures, the dismissal might stretch over a period of more than one year. It’s expected that Trump will collaborate with Gensler for quite a while before a successor is appointed. However, finding someone suitable to fill his position is certainly challenging.
Possible candidates for the post of head of the SEC
“Crypto mum” Hester Peirce
As a crypto investor, I’m keeping a close eye on the potential successor for Chairman Gensler at the SEC. It seems that there’s a divide between Republicans and Democrats regarding the approach to take next, with the former advocating for a more innovative and flexible stance, while the latter leans towards stricter regulations. Regardless of who takes over, it’s clear that their decisions could greatly shape the future landscape of cryptocurrency regulation.
Hester Peirce, famously called “the Crypto Mum,” is frequently mentioned as a potential successor to Gensler. Known for her advocacy for the crypto sector and critiques of Gensler’s tough stance, she brings substantial expertise in overseeing financial markets. She enjoys widespread favor among cryptocurrency enthusiasts due to these factors.
Yet, Peirce has suggested that she may not continue with her role at the SEC beyond 2025, which raises questions about potential reappointment. In response to speculation about another term at the SEC, she expressed:
“Absolutely not.”
Hester Peirce, SEC Commissioner
Fed critic Dan Gallagher
Dan Gallagher, currently serving as the top lawyer for Robinhood, boasts extensive experience working at the Securities and Exchange Commission (SEC). During his tenure, he served as a Republican commissioner under former President Barack Obama from 2011 to 2015. Prior to this role, he held multiple positions within the agency.
During the late 2000s, Gallagher held a crucial position within the Securities and Exchange Commission’s Division of Trading and Markets. He served as the commission’s representative during the Lehman Brothers bankruptcy proceedings and other critical issues that arose during the financial crisis. Gallagher is well-known for his pointed critiques of the Federal Reserve and the Dodd-Frank Act, and for advocating for a thorough examination of U.S. stock market trading procedures.
Nevertheless, Gallagher’s campaign might encounter some hurdles. His association with Robinhood, particularly its previous controversies like the temporary halt on trading GameStop stock during the 2021 meme-driven market turmoil, may negatively impact his nomination. Additionally, there are doubts about whether Gallagher would be prepared to give up his position at Robinhood for a potential role in the SEC.
“Crypto dad” Chris Giancarlo
As a legal professional and former chair of the Commodity Futures Trading Commission (CFTC), I’ve garnered recognition within the cryptocurrency community, affectionately known as “Crypto Dad.” Beyond my book, “Crypto Dad: The Fight for the Future of Money,” recent speculations suggest that I may be a contender for the position of SEC chairman, according to Politico.
While serving at the Commodity Futures Trading Commission under President Trump’s term, he advocated for the introduction of Bitcoin futures contracts, a crucial move towards establishing Bitcoin Exchange-Traded Funds (ETFs).
At present, Giancarlo functions as a senior lawyer at Willkie Farr & Gallagher. Previously, he has held multiple positions in diverse organizations, one of which is “The Digital Dollar Project” that investigates the future of the United States dollar. His professional journey encompasses a broad spectrum of roles pertaining to finance and digital assets, such as consulting for the American Financial Exchange and the Chamber of Digital Commerce.
Trump advisor Robert Stebbins
Some experts in the field are speculating that Robert Stebbins might become the next Chair of the Securities and Exchange Commission (SEC). Previously serving as general counsel at a company from 1993 to 2017, Stebbins later joined the SEC, and currently heads the corporate governance practice at the law firm Willkie Farr & Gallagher. He boasts an impressive resume in this role.
During his tenure at the SEC, Willkie played an active role in providing guidance on over 85 rules and numerous orders, while managing more than 2,750 enforcement cases. Additionally, he assisted Trump’s SEC chairman, Jay Clayton, in putting together his team back in 2017.
What does the crypto community want in the next SEC chairman?
Previously, Brian Armstrong, CEO of Coinbase, has stated that the incoming SEC chairman should put an end to the measures initiated by Gensler and offer an apology to the American public. He has persistently advocated for regulations in the cryptocurrency market that foster innovation without hindering progress.
Armstrong’s remarks indicate a rising frustration within the cryptocurrency community. There’s a widespread opinion that the Securities and Exchange Commission (SEC) is exceeding its jurisdiction in relation to the crypto market.
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2024-11-06 19:08