Donald Trump is known for his unpredictable approach to appointments. However, his plan to fire Gary Gensler, the SEC Chair, wasn't a surprise for the crypto community. He announced his plans to dismiss him long before his victory.
Despite his ongoing regulatory efforts and track record of hefty fines, the SEC head is perceived as a relic of the past. He has still been sticking to the outdated frameworks, which are believed to hinder the growth of the crypto sector.
Daily headlines report on potential new Trump appointments, many of whom are pro-crypto figures. Republicans are increasing their influence on cryptocurrency regulation in the United States. This signals a new era of crypto industry development. It will focus on a shift from limitations imposed on the crypto industry to fostering its development and embracing innovation.
The crypto community is already speculating about potential successors and, unsurprisingly, look forward to seeing a fresh face in this position.
Among the potential candidates for the next SEC chair:
- Daniel Gallagher — Currently an executive at Robinhood.
- Hester Peirce — Known as 'Crypto Mom,' a Republican and current SEC commissioner.
- Mark Uyeda — Another Republican member of the SEC, with experience in financial regulation.
Gensler continues to label all cryptocurrencies as securities, as he did even in his last speech. Clearly, it’s evident that he remains stuck in the past, unable or unwilling to adapt to the fast-paced changes in the financial world.
Those who resist change risk being left behind. As the crypto industry evolves, it’s time for the SEC leadership to do the same.
