Cryptocurrency

Chair

Gary

The current chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, may be nearing the end of his controversial term, raising questions about who could replace him and what implications this could have for the cryptocurrency industry.
Gensler has been the focus of criticism over the past three years from crypto advocates who argue he unfairly targets the industry with harsh enforcement measures. In anticipation of potential changes, the crypto industry has significantly increased its financial contributions to the 2024 elections.
Former President and current Republican presidential candidate Donald Trump has indicated that he will fire Gensler on his first day in office, a promise that may or may not be possible. Meanwhile, Vice President Kamala Harris, who has distanced herself from President Biden’s staunch anti-crypto stance, has expressed support for a regulatory framework for digital assets, making it possible that she too would appoint a new SEC chair if elected.
Trump’s campaign has aggressively targeted pro-crypto voters, highlighted by his appearance at a Bitcoin conference, his creation of his own cryptocurrency and promises to establish the U.S. as the “crypto capital of the planet.” His potential appointees for SEC chair include Dan Gallagher and Hester Peirce, both known for their more positive views on digital assets.
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Dan Gallagher, a former SEC member who served from 2011 to 2015, has served as Robinhood’s chief legal officer for the past four years. His public criticism of Gensler’s approach reflects his belief that current SEC practices are stifling the industry. “The SEC has targeted individual firms, including Robinhood, through enforcement and regulation rather than issuing rules to provide regulatory certainty,” Gallagher said.
Hester Peirce, who has served as SEC commissioner since 2018, has also expressed disagreement with Gensler’s strategies. In an interview with CoinDesk, Peirce criticized the agency’s enforcement-first approach, arguing that it was not effective for either the industry or the SEC itself.
While Harris’ stance is less overtly supportive than Trump’s, she too has acknowledged the importance of cryptocurrency to voters and has suggested keeping the U.S. at the forefront of blockchain innovation. In her campaign, she proposed regulatory measures aimed at promoting safe and inclusive financial systems, particularly for marginalized communities.
Harris is reportedly considering appointing either Chris Brummer or Erica Williams as SEC chair. Chris Brummer, who currently heads the Georgetown Institute for Economic Law, has a background in financial regulation and was previously nominated by President Obama to head the Commodity Futures Trading Commission, which Trump withdrew. Brummer’s nuanced approach to crypto policy aligns with his founding of Bluprynt, a platform designed to facilitate regulatory compliance for crypto firms.
Erica Williams, the current chair of the Public Company Accounting Oversight Board (PCAOB), is another potential candidate. Her work on the PCAOB, which works with the SEC to oversee public company audits, speaks to her commitment to protecting investors. While Williams has not taken a public stance on cryptocurrencies, the PCAOB has increased its oversight to address risks that arise in digital asset audits.
With the outcome of the 2024 presidential election uncertain, the future of crypto regulation is also uncertain. Jenice Malecki, chair of the New York State Bar Association’s Securities Arbitration Committee, said regulation is needed regardless of who runs the SEC. “Lack of regulation hurts everyone. It hurts investors. It hurts legitimate cryptocurrency vendors and it allows bad actors to run wild… I don’t know exactly what it should look like, but there is definitely a need for regulation,” she said.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/after-the-us-elections-sec-chair-gary-gensler-is-rumored-to-step-down-here-are-the-names-that-could-replace-him-and-their-cryptocurrency-views/" rel="noopener noreferrer nofollow">After the US Elections, SEC Chair Gary Gensler is Rumored to Step Down: Here Are The Names That Could Replace Him and Their Cryptocurrency Views</a>

After the US Elections, SEC Chair Gary Gensler is Rumored to Step Down: Here Are The Names That Could Replace Him and Their Cryptocurrency V...

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