Following Gary Gensler’s departure announcement from the Securities and Exchange Commission (SEC), new reports claim that re-elected US president Donald Trump is set to unveil his pick for the new SEC chairman in the coming days.
A New Crypto Era About To Begin
As we approach the end of the year, the crypto industry is set to close 2024 with a belt full of milestones, from the approval of crypto-based exchange-traded funds (ETFs) to Bitcoin’s rally nearing $100,000 to the victory of an industry-friendly administration in the US Presidential Elections.
Donald Trump’s victory as the 47th President of the US has created a craze within the industry, fueling optimism and expectations about the new crypto era that will begin when he steps into office in January.
Fox Business journalist Eleanor Terrett shared that Trump could announce his pick to replace Gensler in the coming days, with the announcement potentially dropping “as soon as tomorrow.”
SEC’s outgoing chairman, Gary Gensler, announced his departure from the regulatory agency on November 21, revealing he will step down on January 20, 2025, the same day Trump takes office.
After the announcement, speculation intensified about the new leader of the Commission, with names like Christopher Giancarlo, Brad Bondi, Daniel Gallagher, and Paul Atkins reportedly being considered.
Atkins, a former SEC commissioner, has been supported by Pro-XRP lawyer John Deaton, who considers the candidate “light years ahead of Gary Gensler.” According to Terrett’s previous reports, Atkins was “the current favorite among the people at Mar-a-Lago who have Trump’s ear.”
Recently, Coinbase’s Chief Policy Officer (CPO), Faryar Shirzad, shared his thoughts on the future of the SEC. Shirzad noted he can’t predict who will be the next SEC chairman but considers that Trump is good at picking people who share his vision.
As long as he picks somebody who’s a change agent and who shares his vision, I think it’ll be good for the U.S., society, good for the people that own crypto.
Is The Crypto Crackdown Ending?
Besides a new pro-industry SEC chairman, the crypto sector expects the aggressive and unfair crackdown on the industry to stop. Recently, over 30 tech and crypto founders claimed to have been debanked in the last four years.
In a recent Podcast, Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, accused the Biden administration of using financial exclusion as a weapon against more than 30 founders, tackling legal businesses related to the digital assets industry in what he calls “Operation Chokepoint 2.0.”
Similarly, Gemini co-founder Tyler Winklevoss claimed on X that he and his company had been debanked because they are in crypto. He stated that the number of affected companies is larger than 30, adding that “They also assassinated several banks because they banked crypto companies. Totally unlawful, evil behavior.”
As a result, Republican Congressman French Hill pledged on Monday to “fully investigate Operation Choke Point 2.0″ as part of his plan to Make Community Banking Great Again (MCBGA).
The MCBGA principles stated that Congress should investigate the matter, and the Trump administration should officially halt and reverse this policy. Representative Hill added, “There should be no place for politicized debanking of legal businesses in the American financial system.”
