Emily Walker
In light of Gary Gensler announcing his exit from the Securities and Exchange Commission (SEC), reports are surfacing that former President Donald Trump, newly re-elected, will reveal his choice for the new SEC chairman shortly.
A New Era for Cryptocurrency Approaching
As the year draws to a close, the cryptocurrency sector anticipates significant milestones including the authorization of crypto-related exchange-traded funds (ETFs), potential Bitcoin price surges near $100,000, and a favorable administration resulting from the US Presidential Elections.
Trump’s return as the 47th US President is generating excitement in the crypto world, raising hopes for a transformative era beginning when he assumes office in January.
According to Fox Business reporter Eleanor Terrett, Trump may announce his nominee to replace Gensler within days, possibly as soon as tomorrow.
Gensler declared his plans to leave the SEC on November 21, stating his resignation will take effect on January 20, 2025, coinciding with Trump’s inauguration.
Following this announcement, speculation flourished around potential successors with candidates like Christopher Giancarlo, Brad Bondi, Daniel Gallagher, and Paul Atkins reportedly under consideration.
Atkins, a previous SEC commissioner, is backed by Pro-XRP attorney John Deaton, who believes Atkins surpasses Gensler in qualifications. Terrett has previously mentioned that Atkins is favored among Trump’s inner circle.
Recently, Faryar Shirzad, Coinbase’s Chief Policy Officer, expressed uncertainty about the next SEC chairman but indicated that Trump has a knack for selecting individuals aligned with his vision.
As long as he picks somebody who’s a change agent and who shares his vision, I think it’ll be beneficial for the U.S., society, and for crypto holders.
Will the Crypto Crackdown Come to an End?
In addition to appointing a more industry-friendly SEC chief, the cryptocurrency sector is hopeful that the current severe crackdown on the industry will cease. Recently, over 30 founders in tech and crypto reported being denied banking services over the past four years.
In a recent podcast, Marc Andreessen of Andreessen Horowitz criticized the Biden administration for employing financial exclusion against over 30 founders, targeting legal businesses in the digital asset space in what he labeled “Operation Chokepoint 2.0.”
Similarly, Tyler Winklevoss, co-founder of Gemini, stated on X that he and Gemini faced debanking due to their crypto involvement, revealing that the number of affected entities exceeds 30 and condemning recent actions against banks that supported crypto companies as “totally unlawful” and “evil.”
In response, Republican Congressman French Hill promised on Monday to investigate “Operation Choke Point 2.0” as part of his initiative to improve community banking.
The principles of the MCBGA advocate for congressional inquiry into the situation and for the Trump administration to officially halt and reverse the existing policy. Representative Hill emphasized, “There should be no place for politicized debanking of legal businesses in the American financial system.”
