Crypto Industry Aiding in Selection of SEC Chair
President-elect Donald Trump is in the process of selecting a new chair for the US Securities and Exchange Commission (SEC) and is seeking input from the crypto industry. Sources closely connected to the proceedings have revealed that the Trump team is considering various candidates from both former government officials and crypto executives. Among the top contenders are Paul Atkins, a former SEC commissioner, and Brian Brooks, a former acting US comptroller of the currency.
Other potential candidates under consideration include SEC commissioner Mark Uyeda, former SEC general counsel Robert Stebbins, and Brad Bondi, who is the global cochair of investigations and white collar defense at Paul Hastings law firm. Although some individuals declined to comment or didn’t respond to requests, the vetting process is still ongoing.
Aside from appointing a new SEC chair, Trump is also expected to choose a crypto czar to lead a panel of advisors in shaping crypto policy under his administration. Industry leaders from companies like Coinbase, Gemini, and Kraken, as well as pro-crypto venture capital firms and crypto mining outfits, are rumored to be in line for positions on the advisory board.
Under the current SEC chair, Gary Gensler, the crypto industry has faced significant challenges and litigation, leading many to express their dissatisfaction. Gensler, often characterized by some as a controversial figure within the industry, is expected to step down on January 20th, coinciding with Trump’s inauguration. This changing landscape presents an opportunity for the crypto industry to have a say in the selection of Gensler’s successor.
Trump’s promise of an SEC overhaul was well-received by the crypto industry during his campaign. He pledged to support the US as a prominent bitcoin mining hub, establish a national “bitcoin stockpile,” and create a framework for stablecoin businesses. Trump’s engagement with the crypto sector, including hosting discussions with crypto mining executives and even accepting crypto donations during his campaign, reflects his interest in the industry.
Moreover, figures with ties to the crypto industry have been appointed to key positions within Trump’s administration, indicating a pro-crypto stance. The rise in bitcoin prices and the overall optimism within the industry signal a positive outlook for crypto under the new administration.
In conclusion, the involvement of the crypto industry in the selection process for the new SEC chair and the anticipated appointment of a crypto czar demonstrate the growing influence and importance of cryptocurrency in the realm of finance and regulation under the Trump administration.
