How the Crypto Industry is Influencing Trump’s SEC Chair Selections
President-elect Donald Trump is in the process of selecting a new chair for the US Securities and Exchange Commission (SEC), and he’s turning to the crypto industry for input. Sources close to the proceedings have revealed that Trump’s team is consulting with industry leaders to help vet potential replacements for outgoing chair Gary Gensler.
The shortlist of candidates includes former government officials, crypto executives, and lawyers who are supportive of the crypto industry. Top contenders reportedly include Paul Atkins, a former SEC commissioner, and Brian Brooks, former acting US comptroller of the currency. However, the vetting process is still ongoing, and other candidates under consideration include SEC commissioner Mark Uyeda, former SEC general counsel Robert Stebbins, and Brad Bondi, who serves as the global cochair of investigations and white collar defense at a law firm.
While some candidates have declined to comment, sources indicate that to help shape policy and fulfill his campaign promises, Trump is also likely to appoint a crypto czar. This appointed individual will lead a team of advisors, which may include representatives from leading crypto companies like Coinbase, Gemini, and Kraken, as well as venture capital firms and crypto mining outfits.
The current SEC chair, Gary Gensler, has faced criticism from the crypto industry for what some perceive as targeted litigation. In fact, Tyler Winklevoss, co-founder of Gemini, referred to Gensler as “evil.” Trump has previously pledged to replace Gensler and appoint a new SEC chair who will support the growth of the industry.
Trump has expressed pro-crypto sentiments, including hosting discussions with executives from the crypto mining industry and accepting crypto donations during his campaign. His administration has also submitted a trademark application for a crypto payment service. With appointments of pro-crypto figures to his cabinet, the industry is hopeful for a brighter future under the new administration.
As the crypto industry eagerly awaits Trump’s decision on the new SEC chair, the price of bitcoin continues to rise, reaching record highs. Industry insiders are optimistic about the potential changes and opportunities that lie ahead.
