Uncertainty Looms For Crypto As SEC And CFTC Leadership Transitions Unfold Under Trump
As Donald Trump prepares for re-election, speculation about the future of cryptocurrency regulation is intensifying, especially regarding lead U.S. Securities and Exchange Commission (SEC).
Fox reporter Eleanor Terret recently posted on social media that SEC Chairman Gary Gensler may be resigning soon, possibly before Trump takes office in January 2025.
Pro-crypto candidates vying to succeed Gensler
according to Tretter told people familiar with the matter that Gensler’s resignation is expected to be announced after Thanksgiving and that his term, which is expected to expire in 2026, has not yet been completed.
However, while Gensler has been heavily criticized for his strict regulatory approach to the crypto industry during his tenure, the identity of his successor remains uncertain.
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Former Commodity Futures Trading Commission (CFTC) Chairman Christopher Giancarlo has dismissed rumors of his nomination, while several other candidates are also being considered.
These include Dan Gallagher, chief legal officer of cryptocurrency exchange Robinhood; Bob Stebbins, a partner at Willkie Farr; and former SEC Commissioner Paul Atkins Atkins; and Paul Hastings attorney Brad Bondi.
Tretter said Gallagher, while initially reluctant to leave Robin Hood, may reconsider as the dynamics of government appointments change.
Stebbins is close to former SEC Chairman Jay Clayton and is rumored to be a popular candidate despite his lack of cryptocurrency background. Still, sources say he will follow the Trump administration’s lead digital assets.
Both Atkins and Bondi are known for their pro-cryptocurrency stances, advocating for “lighter regulation.” Atkins is a board member of the Chamber of Digital Commerce and co-chair of its Token Alliance, focusing on the growth of token issuance. Bondi has been involved in consulting Decentralized Finance (DeFi) project that demonstrates its commitment to promoting innovation in the cryptocurrency space.
Trump plans to allocate resources to CFTC
Other names circulating in cryptocurrency circles include former CFTC Chairman Heath Tarbert, former Acting Comptroller of the Currency Brian Brooks, and former SEC Director of Investment Management Norm Champ. Champion recently stated that he would be willing to serve if asked, indicating his interest in a potential upcoming role. administrative.
Additionally, pro-crypto SEC Commissioner Mark Uyeda is reportedly willing to serve as chairman and possibly even acting chairman, while Commissioner Hester Peirce, known as the agency’s “crypto mom,” has privately stated that she is not interested in the role.
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With these leadership changes coming, Tretter expected The new SEC chairman will be supportive of cryptocurrencies while also being able to handle the agency’s broader responsibilities, which include oversight of public companies, stock markets, bond markets, private equity funds and the Comprehensive Audit Trail (CAT).
Compounding speculation is that the Trump administration may strengthen the CFTC’s role in the cryptocurrency space. Regulation. Tretter claimed the government is considering allocating more resources to the Commodity Futures Trading Commission, although exactly how that would be done remains unclear and additional funding may be needed.
Featured images from DALL-E, charts from TradingView.com
