According to sources cited by Fox Business correspondent Eleanor Terrett, President-elect Donald Trump may announce his choice for the new Securities and Exchange Commission (SEC) chair as early as tomorrow.
The report comes as the crypto community watches the clock for the current SEC Chair, Gary Gensler, to step down. This could potentially lead to better crypto policies amid Trump’s intent to overhaul US cryptocurrency regulations.
Gary Gensler’s Replacement Reportedly Nearsight
Gensler is formally due to resign in January 2025, but reports suggest his departure could come earlier. Based on recent reports, crypto markets could know the next SEC chair as early as tomorrow.
“Donald Trump’s pick to replace Gary Gensler as SEC chair could be announced as soon as tomorrow, sources tell Fox Business. Stay tuned,” Terrett shared.
Paul Atkins, a former SEC commissioner and a known advocate for deregulation, is a leading contender to replace Gensler. Two current SEC commissioners, Hester Peirce and Mark Uyeda, are also in the race as they are also being considered for the role.
Both Peirce and Uyeda have publicly criticized the SEC’s enforcement-heavy approach to cryptocurrency regulation under Gensler, advocating for clearer guidelines and industry collaboration.
Uyeda, in particular, has been vocal about the need for a balanced regulatory framework that fosters innovation while protecting investors. The leadership of one of these three candidates could signal a significant shift in the SEC’s stance toward digital assets, aligning with Trump’s vision of a more crypto-friendly environment.
“Let’s hope the next replacement is pro crypto and does good by us the crypto community!” one user on X (Twitter) remarked.
Meanwhile, Gensler’s anticipated departure marks the end of a contentious tenure characterized by aggressive enforcement actions against cryptocurrency firms. Crypto proponents have widely criticized his regulatory approach for creating uncertainty in the industry.
Adding a humorous twist, Tron founder Justin Sun recently offered Gensler a job in the blockchain sector, although jokingly, highlighting the polarized reactions to his policies.
The anticipated appointment of a new SEC chair is part of Trump’s broader plan to revamp US financial regulations, particularly in the cryptocurrency space. During his campaign, Donald Trump promised to fire Gary Gensler and introduce reforms that would establish clear, innovation-friendly rules for digital assets. This aligns with his administration’s pro-business agenda, potentially positioning the US as a global leader in the sector.
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