After Donald Trump's overwhelming victory and his preparation to take over the White House, the issue that most cryptocurrency supporters and the financial community are currently concerned about is who will take over the SEC.
The Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has held this position since 2021 and has a term that runs until 2026. However, as he has implemented quite strict regulations on the cryptocurrency industry, many believe that a change in this leadership role is necessary.
Read more: The SEC has caused $426 million in losses for cryptocurrency companies under Gary Gensler
Some presidential candidates like Donald Trump have publicly stated that they will fire Gensler if elected. Meanwhile, Democratic candidate Kamala Harris is considering candidates with a more balanced view on cryptocurrency regulation. Here are some potential replacements for Gensler and their attitudes towards cryptocurrencies:
Hester Peirce: "Crypto Mom" friendly with cryptocurrencies
Hester Peirce, affectionately known as the "Crypto Mom" by the cryptocurrency community, is an SEC commissioner with a very friendly attitude towards cryptocurrencies. She believes that a clear regulatory framework should be created, rather than outright bans. If Trump is elected, Peirce is one of the people who could be chosen to replace Gensler.
Chris Giancarlo: "Crypto Dad" supports Bitcoin
Chris Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC), is known as the "Crypto Dad" for his significant contributions in bringing Bitcoin to futures trading. He is a strong supporter of blockchain technology and believes that there should be more openness towards cryptocurrencies.
Chris Brummer: Supports a balanced approach
Chris Brummer is a law professor and finance expert with a moderate stance, often favored by the Democratic Party. He supports creating clear regulations while still encouraging innovation, allowing cryptocurrencies to develop without being overly restricted.
Paul Atkins: Prioritizes minimizing regulations
Paul Atkins is a former SEC commissioner under President George W. Bush, with a view to minimize strict regulations. He believes that the SEC should not intervene too much in the market and is seen as someone close to the cryptocurrency community.
Erica Williams: Reasonable, balanced approach
Erica Williams is currently the Chair of the PCAOB (Public Company Accounting Oversight Board). She has previously worked at the SEC and has a balanced view, wanting to protect investors while also allowing cryptocurrencies to develop. She could be a suitable choice if Harris is elected.
Heath Tarbert: Supports blockchain and cryptocurrencies
Heath Tarbert was previously the Chairman of the CFTC, an organization that oversees financial products like Futures Contracts. He currently works at Circle, the issuer of the USD Coin (USDC) stablecoin, and supports cryptocurrency-friendly regulations.
Robert Stebbins: Flexible with new regulations
Robert Stebbins is a legal advisor who has helped develop regulations at the SEC. He has a flexible approach and believes that regulations need to be tailored to each stage of the cryptocurrency industry's development.
Dan Gallagher: Wants to reduce control over cryptocurrencies
Dan Gallagher, currently working at the financial company Robinhood, is a proponent of reducing unnecessary regulations and believes that innovation should be encouraged rather than restricted.
Read more: What will Mr. Trump do with Bitcoin and Crypto after being elected President?
These candidates, with a more crypto-friendly approach, could bring a fresh perspective to the SEC. If there is a change in leadership, the cryptocurrency industry may see more supportive regulations and less pressure.
