The cryptocurrency market is excitedly anticipating a major announcement from U.S. President-elect Donald Trump following reports that Trump’s pick to replace Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC) could be announced soon.
According to a report from Fox Business journalist Eleanor Terrett, the announcement may come tomorrow.
NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned
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— Eleanor Terrett (@EleanorTerrett) December 3, 2024
This development comes after Gensler’s resignation announcement. His chosen date coincides with Trump’s return to office. Gensler’s tenure has been marked by stringent enforcement actions against the crypto industry, which many in the space argue have stifled innovation.
The most prominent example is the SEC’s lawsuit against Ripple, which resulted in prolonged uncertainty for XRP. With Gensler’s departure on the horizon, XRP has surged to its highest price since 2018, signaling renewed investor confidence.
Potential Candidates for SEC Chair
Several prominent names have been suggested as potential successors to Gensler. Among them is Christopher Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC) and a vocal advocate for blockchain innovation.
Often referred to as “CryptoDad,” Giancarlo is viewed by many as the frontrunner and a potential ally for the cryptocurrency industry.
Brian Brooks, the former Acting Comptroller of the Currency, is another strong contender. Known for his pro-crypto stance, Brooks has been a key figure in advancing regulatory clarity for digital assets.
Other potential candidates include Daniel Gallagher, currently serving as Robinhood’s Chief Legal Counsel; Brad Bondi, a partner at the law firm Paul Hastings; Paul Atkins, CEO of Patomak Global Partners; and Bob Stebbins, former SEC General Counsel.
Many experts and crypto advocates, including well-known attorney John Deaton, have supported Bondi while standing with Ripple’s Chief Legal Officer (CLO) Stuart Alderoty against Stebbins.
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Market and Industry Reactions
The possibility of a more crypto-friendly SEC Chair has generated optimism in the industry. XRP’s recent price rally reflects broader market enthusiasm, as investors anticipate a regulatory environment that could foster innovation and reduce legal uncertainty.
Critics of Gensler’s tenure argue that his approach to crypto regulation has been excessively adversarial. Industry leaders have pointed to the SEC’s enforcement-first strategy as a barrier to technological progress and market growth.
The appointment of a new Chair, especially one with a balanced view on crypto regulation, is a potential turning point. The dismissal of the lawsuit could also send XRP higher.
There have also been rumors that Ripple CEO Brad Garlinghouse met with Trump recently, and the crypto community can rest assured that the new administration will choose the right person for the job.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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