The transition team of US President-elect Donald Trump has assured that the next Chairperson of the Securities and Exchange Commission (SEC) will be pro-crypto.
The crypto industry has recently faced hostile regulatory clampdowns, especially under the incumbent SEC chair, Gary Gensler. As a result, the sector heavily backed a pro-crypto president, Donald Trump, who promised to do away with the Gensler on his first day in office.
Following Trump’s victory, discussions on who would replace Gesler have gained momentum. The Crypto Basic reported that Trump’s transition team is courting Robinhood’s CLO Dan Gallagher and a few other lawyers to replace the US SEC chair.
Meanwhile, FOX Business journalist Eleanor Terrett has provided a soothing update for crypto enthusiasts on the selection process for the next SEC boss. She revealed that the Trump transition team has its eyes only on candidates that are pro-crypto.
Pro-Crypto: A Crucial Criteria for the Next SEC Chair
In a Friday tweet, Terrett revealed that she contacted a source close to Trump’s transition team to discuss the names making the rounds as Gensler’s successor. The journalist also noted that she inquired if the team considered the candidate’s perception of cryptocurrency in the selection process.
Notably, Terrett stated that she got an elating response from her anonymous source for the crypto community. She mentioned that the Trump transition team confirmed that the next SEC chair would be one who believes in and supports the nascent technology.
Meanwhile, the response aligns with Trump’s promises to the sector. During his campaign days, he unequivocally insisted that he supports cryptocurrencies and intends to foster their growth through his policies.
Crypto Sector Brace Up for Regulatory Clarity
Amid the positive development, the US crypto sector seems headed for regulatory clarity after uncertainties have prevailed in recent years. Notably, the industry’s leaders have bemoaned that Gensler imposed unclear laws and handled the growing sector like a tyrant.
Following Trump’s electoral conquest, Coinbase’s CLO Paul Grewal has urged the SEC to refine its dealings with the crypto industry. He encouraged the Wall Street regulator to pursue interaction with exchanges over litigation, as observed in the over 100 lawsuits brought against them under Gensler.
The imminent change in the SEC hierarchy could also bring an end to Ripple’s years-long legal battle with the regulator. Despite the final court decision, the SEC has pushed to appeal parts of the ruling.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
