Chair

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Brian

<p class="is-style-lead">As Trump pledges to replace SEC Chair Gary Gensler, blockchain firm Ripple sees a chance for more favorable policies in a reshuffled regulatory landscape.</p> 
<p>Donald Trump’s <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" target="_blank">vow</a> to replace SEC Chair Gary Gensler on “day one” is raising hopes within Ripple (<a href="https://crypto.news/price/xrp/" target="_blank">XRP</a>) and the broader crypto sector for a more friendly environment in the U.S.</p> 
<p>As crypto.news earlier <a href="https://crypto.news/ripple-ceo-shares-his-first-100-day-checklist-for-trump/" target="_blank">reported</a>, Ripple chief executive Brad Garlinghouse has called for regulatory clarity, urging the appointment of a pro-crypto SEC chair. He particularly suggested candidates like Robinhood’s Dan Gallagher, former CFTC head Christopher Giancarlo, and ex-Comptroller Brian Brooks as potential nominees.</p> 
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   <p lang="en" dir="ltr">.<a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@realDonaldTrump</a>, Congratulations!<br><br>Some fodder for your first 100-day checklist to get things moving:<br>– Fire Gensler. Day 1, no delays.<br>– In his place, appoint Giancarlo, Brooks, or Gallagher – they’d be massive upgrades in rebuilding the rule of law (and reputation) at the…</p>— Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1854134741089316961?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 6, 2024</a>
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<h2 class="wp-block-heading" id="sec-vs-crypto-industry">SEC vs. crypto industry</h2> 
<p>Since taking office in April 2021, Gensler has led a tough crackdown on crypto, <a href="https://crypto.news/coinbase-sec-battle-over-clear-crypto-regulation/" target="_blank">targeting</a> crypto giants such as Coinbase and Ripple for allegedly offering unregistered securities.</p> 
<p>The SEC even secured a historic $4.5 billion settlement with Terraform Labs and its disgraced founder Do Kwon, who has been imprisoned in Montenegro since 2023. As crypto.news <a href="https://crypto.news/us-regulators-received-over-32b-from-crypto-companies/" target="_blank">noted</a> in a feature story, U.S. regulators imposed $32 billion in fines on crypto companies to resolve compliance disputes in 2024 alone.</p> 
<p>The crypto space has long criticized Gensler’s approach, with Coinbase CEO Brian Armstrong <a href="https://x.com/brian_armstrong/status/1851103674744832334" target="_blank" rel="nofollow">recently suggesting</a> that the next SEC chair should publicly apologize for what he called the “damage” done to the U.S. crypto sector.</p> 
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   <p lang="en" dir="ltr">The next SEC chair should withdraw all frivolous cases, and issue an apology to the American people.<br><br>It would not undue the damage done to the country, but it would start the process of restoring trust in the SEC as an institution. <a rel="nofollow" href="https://t.co/kWVx73vYMs" target="_blank">pic.twitter.com/kWVx73vYMs</a></p>— Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1851103674744832334?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 29, 2024</a>
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<p>Typically, the SEC chair resigns with a new administration. This means Gensler’s departure would not happen until late January, when Trump returns to the Oval Office. If Gensler steps down, the SEC would be left with a 2-2 party-line split, likely stalling further aggressive enforcement until a new chair is confirmed.</p> 
<p> Read more: <a rel="" href="https://crypto.news/who-will-be-the-next-sec-chair-trump-elected/"> Trump celebrates victory, Gensler to look for a new job: Who will be the next SEC Chair? </a> </p>

Ripple prepares for SEC policy shift amid Trump’s pro-crypto agenda

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