Donald Trump

Joe Biden

<p class="is-style-lead">Donald Trump has declared his victory in the U.S. presidential election, speaking to supporters in Florida. What will happen to the SEC?</p> 
<div class="wp-block-rank-math-toc-block" id="rank-math-toc">
 <h2 id="table-of-contents">Table of Contents</h2>
 <nav>
  <ul>
   <li><a href="#america-will-probably-say-goodbye-to-gensler-earlier">America will probably say goodbye to Gensler earlier</a></li>
   <li><a href="#possible-candidates-for-the-post-of-head-of-the-sec-what-is-known-about-them">Possible candidates for the post of head of the SEC</a></li>
   <li><a href="#what-does-the-crypto-community-want-in-the-next-sec-chairman">What does the crypto community want in the next SEC chairman?</a></li>
  </ul>
 </nav>
</div> 
<p>Although the official election results have not yet been released, the crypto community is already celebrating Trump’s victory — but not the head of the U.S. Securities and Exchange <a rel="" href="https://crypto.news/tag/sec/">Commission</a>, <a href="https://crypto.news/tag/gary-gensler/" target="_blank">Gary Gensler</a>.</p> 
<p>Gensler has a distinctly negative stance on the crypto market, openly speaking about the dominance of “scammers and fraudsters” in it. Even when the SEC approved the launch of spot Bitcoin ETFs in the U.S., Gensler <a href="https://www.sec.gov/newsroom/speeches-statements/gensler-statement-spot-bitcoin-011023" target="_blank" rel="nofollow">said</a> that his attitude towards the crypto market had not changed:</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast Bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.”</p> <cite>Gary Gensler, SEC Chair</cite>
</blockquote> 
<p>When Trump spoke at the Bitcoin 2024 conference in Nashville in July to an audience of more than 20,000 participants, he <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" target="_blank">promised</a> to fire Gensler “on day one” if he won the election. </p> 
<h2 class="wp-block-heading" id="america-will-probably-say-goodbye-to-gensler-earlier">America will probably say goodbye to Gensler earlier</h2> 
<p>U.S. President <a href="https://crypto.news/tag/joe-biden/" target="_blank">Joe Biden</a> appointed Gensler as the chairman of the SEC on April 17, 2021, and his term ends on Jan. 5, 2026. However, Gensler’s interference in the crypto industry and the lack of clear regulations could put him on the verge of being fired.</p> 
<p>Although Trump said he would fire Gensler, doing so will not be easy, as he must prove the inefficiency or negligence of the SEC’s chairman.</p> 
<p>Due to legal and administrative steps, the firing process could take more than a year. Trump will likely have to work with Gensler for some time before someone takes his place. But after all, who could replace him?</p> 
<p> You might also like: <a rel="" href="https://crypto.news/crypto-scammers-hijack-skip-bayless-x-to-promote-skip-and-back-trump/"> SEC’s Gensler should resign by 2025: Rep. Hill </a> </p> 
<h2 class="wp-block-heading" id="possible-candidates-for-the-post-of-head-of-the-sec-what-is-known-about-them">Possible candidates for the post of head of the SEC</h2> 
<h3 class="wp-block-heading" id="crypto-mum-hester-peirce">“Crypto mum” Hester Peirce</h3> 
<p>A potential candidate to replace Gensler is unclear, with Republicans favoring a more innovative approach while Democrats favor strict regulation. This replacement could have a significant impact on the future of cryptocurrency regulation.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="609" src="https://crypto.news/app/uploads/2024/11/crypto-news-Hester-Peirce-option03-1-1024x609.webp" alt="Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair? - 29" class="wp-image-14308598">
 <figcaption class="wp-element-caption">
  Hester Peirce | Source: crypto.news
 </figcaption>
</figure> 
<p>Hester Peirce, known as the “Crypto Mum,” is seen as a likely candidate to replace Gensler. She is known for supporting the crypto industry and criticism of Gensler’s hard-line approach. She has significant experience regulating financial markets and is popular among cryptocurrency supporters.</p> 
<p>However, Peirce has hinted that she does not intend to remain at the SEC after her term ends in 2025, casting doubt on her possible appointment. When asked about the possibility of running for the SEC again, she <a href="https://www.axios.com/2022/03/16/sec-hester-peirce-plans-exit-after-2025" target="_blank" rel="nofollow">replied</a>:</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p>“Absolutely not.”</p> <cite>Hester Peirce, SEC Commissioner</cite>
</blockquote> 
<h3 class="wp-block-heading" id="fed-critic-dan-gallagher">Fed critic Dan Gallagher</h3> 
<p>Dan Gallagher, Robinhood’s chief legal officer, has a wide experience at the SEC. He served as a Republican commissioner in former President Barack Obama’s administration from 2011 to 2015 and previously held several positions at the agency.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="609" src="https://crypto.news/app/uploads/2024/11/crypto-news-Dan-Gallagher-option03-1-1024x609.webp" alt="Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair? - 30" class="wp-image-14308599">
 <figcaption class="wp-element-caption">
  Dan Gallagher | Source: crypto.news
 </figcaption>
</figure> 
<p>He played a significant role in the SEC’s Division of Trading and Markets in the late 2000s, representing the commission during the Lehman Brothers liquidation and other matters during the financial crisis. Gallagher is known for his sharp criticism of the Federal Reserve and the Dodd-Frank Act and for Advocating for a comprehensive review of U.S. stock market trading practices.</p> 
<p>However, Gallagher’s candidacy could face some challenges. Robinhood’s past scandals — such as its decision to suspend trading in GameStop stock during the 2021 meme pandemic — could hinder his nomination. There’s also the question of whether Gallagher would be willing to leave Robinhood for a new role at the SEC.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/will-trumps-sec-pick-be-dan-gallagher/"> Will Trump’s SEC pick be crypto’s savior? All eyes on Dan Gallagher </a> </p> 
<h3 class="wp-block-heading" id="crypto-dad-chris-giancarlo">“Crypto dad” Chris Giancarlo</h3> 
<p>Chris Giancarlo is a lawyer and former head of the Commodity Futures Trading Commission (<a href="https://crypto.news/tag/cftc/" target="_blank">CFTC</a>). He earned this nickname due to his popularity in the cryptocurrency space. Giancarlo is also the author of “Crypto Dad: The Fight for the Future of Money.” According to <a href="https://www.politico.com/newsletters/morning-money/2024/10/07/the-crypto-executive-who-could-soon-be-running-the-sec-00182663" target="_blank" rel="nofollow">Politico</a>, he is being considered as a possible candidate to become the next SEC chairman.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="609" src="https://crypto.news/app/uploads/2024/11/crypto-news-Chris-Giancarlo-option04-1-1024x609.webp" alt="Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair? - 31" class="wp-image-14308600">
 <figcaption class="wp-element-caption">
  Dan Gallagher | Source: crypto.news
 </figcaption>
</figure> 
<p>During his tenure at the CFTC during the Trump administration, he supported trading <a href="https://crypto.news/tag/bitcoin/" target="_blank">Bitcoin</a> futures, which was a significant step toward creating Bitcoin <a href="https://crypto.news/tag/etf/" target="_blank">ETFs</a>.</p> 
<p>Giancarlo currently serves as a senior attorney at Willkie Farr &amp; Gallagher. He has also held various positions at other organizations, including “The Digital Dollar Project,” which studies the future of the U.S. dollar. His experience spans a variety of roles in finance and digital assets, including consulting for the American Financial Exchange and the Chamber of Digital Commerce.</p> 
<h3 class="wp-block-heading" id="trump-advisor-robert-stebbins">Trump advisor Robert Stebbins</h3> 
<p>Some industry professionals have considered Robert Stebbins as the next SEC Chairman. Stebbins, who served as general counsel at the firm from 1993 to 2017 before joining the SEC, currently leads the corporate governance practice at the law firm Willkie Farr &amp; Gallagher and has an impressive track record there.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="609" src="https://crypto.news/app/uploads/2024/11/crypto-news-Robert-Stebbins-option03-1-1024x609.webp" alt="Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair? - 32" class="wp-image-14308601">
 <figcaption class="wp-element-caption">
  Robert Stebbins | Source: crypto.news
 </figcaption>
</figure> 
<p>According to Willkie, during his time at the SEC, he actively advised on more than 85 rules and hundreds of orders and oversaw more than 2,750 enforcement cases. He also helped Trump’s SEC chairman, Jay Clayton, assemble his team in 2017.</p> 
<h2 class="wp-block-heading" id="what-does-the-crypto-community-want-in-the-next-sec-chairman">What does the crypto community want in the next SEC chairman?</h2> 
<p><a href="https://crypto.news/tag/coinbase/" target="_blank">Coinbase</a> CEO Brian Armstrong has previously <a href="https://crypto.news/the-next-sec-chief-should-stop-going-after-crypto/" target="_blank">noted</a> that the next SEC chairman will need to stop all the persecution started by Gensler and apologize to the Americans. He has consistently advocated for clearer regulations for the crypto market that will encourage innovation and not stifle growth.</p> 
<p>Armstrong’s statement reflects growing discontent among <a href="https://crypto.news/tag/cryptocurrency/" target="_blank">crypto</a> industry participants. Many believe the SEC is greatly overstepping its authority regarding the crypto market.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/jd-vance-the-bitcoiner-now-running-as-trumps-vice-president/"> JD Vance: The Bitcoiner now running as Trump’s vice president </a> </p>

Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair?

Table of Contents

crypto.news

Other articles published on Nov 6, 2024

FTX Settles $228M Lawsuit with Bybit, Aims for $175M Recovery

Binance Adds COW and CETUS for Trading

Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?

UBIT Gains Community Attention, Crypto Crowd Debates Over Ubit Coin, The Next Top Altcoin or Ponz...

Altcoin’s Exciting 100% Bonus Ignites the Market – TRX and Bitcoin ETFs Record Surge

Hong Kong Stock Exchange to Launch Unified Bitcoin and Ethereum Index

Join our free newsletter for daily crypto updates!