Trusted

Donald Trump Is Considering Three Pro-crypto Candidates to Replace Gary Gensler

2 mins
Updated by Mohammad Shahid
Join our Trading Community on Telegram

In Brief

  • Trump plans to appoint crypto-friendly candidates to key financial agencies, including a new SEC chair.
  • Hester Peirce, Mark Uyeda, and Paul Atkins are among those under consideration for leadership roles.
  • The move signals a shift toward easing regulatory pressure on the US crypto industry.
  • promo

Donald Trump and his transition team have started exploring pro-crypto candidates for key financial regulatory roles who favor a less restrictive stance on digital assets.

Candidates under consideration include Hester Peirce, Mark Uyeda, and Paul Atkins as possible replacements for SEC Chairman Gary Gensler. 

The SEC Will Look Different Under the New Trump Administration

According to The Washington Post, Trump’s team is reviewing a mix of current regulators, former officials, and financial industry leaders, many of whom have voiced strong support for cryptocurrency.

These appointments hold significant influence. The next chair of the SEC and other regulatory agencies will shape the future role of crypto within the US financial system.

Former SEC Commissioner Daniel Gallagher has previously criticized the agency’s stringent stance on crypto. He’s also a current board member of Robinhood

Peirce and Uyeda have also voiced their disapproval of the SEC’s policies under President Biden. Peirce is seen as a potential interim SEC chair, with the possibility of heading a federal task force on crypto regulation.

Trump’s team is also considering Paul Atkins, a former SEC commissioner who advised during Trump’s previous transition, and Chris Giancarlo, former head of the Commodity Futures Trading Commission (CFTC). Both are known for their crypto-friendly positions.

“New regulatory regime will make it much easier for tokens to capture value from their protocols. Banks will be able to interact with the crypto industry where they couldn’t previously – institutional custody rules might significantly simplify,” popular crypto researcher Aylo wrote in an X (formerly Twitter) post.

Under Gensler, the SEC has pursued high-profile cases against Binance, Coinbase, and Ripple, alleging violations of securities laws. These companies deny the charges, which include operating without proper registration and fraudulent practices.

Trump previously pledged to dismiss Gensler during a major bitcoin conference, signaling his intent to shift the agency’s direction on digital assets.

The US Election Has Ignited the Bull Market

The optimism around Donald Trump’s election win and its impact on crypto regulations are very evident on the market. Just days after the election results, the market is experiencing one of the biggest bull runs in years. 

Bitcoin has reached new peaks on four consecutive days after the election. Today, BTC reached a new all-time high of $89,000. 

donald trump election effect on Bitcoin
Bitcoin price chart since the 2024 US election results. Source: BeInCrypto

Trump’s victory has brought millions for several betters on Polymarket. Three crypto whales earned $47 million on the platform following the Republican’s victory. 

Investment in Bitcoin ETFs has also surged since the election. On November 7, the day after the official election results were announced, Bitcoin ETFs saw a record $1.39 billion inflow. 

Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

mohammad.png
Mohammad Shahid
Mohammad Shahid is an experienced crypto journalist with a specialization in blockchain security. He covers a wide range of topics spanning everything from Web3 to retail crypto. As an experienced freelance journalist, he has worked on campaigns for several tier-1 exchanges, such as Bitget, and startups, including RankFi and HAQQ. Mohammad comes from an extensive technical background, with a master’s degree in Cyber Security Analysis from Macquarie University, where he majored in...
READ FULL BIO
Sponsored
Sponsored