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Reading: Trump Aims to Replace SEC Chairman Gensler to Favor Cryptocurrency
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COINTURK NEWS > Cryptocurrency Law > Trump Aims to Replace SEC Chairman Gensler to Favor Cryptocurrency
Cryptocurrency Law

Trump Aims to Replace SEC Chairman Gensler to Favor Cryptocurrency

In Brief

  • Trump plans to remove SEC Chairman Gensler to support cryptocurrency.

  • Dan Gallagher is a leading candidate for the new SEC Chairman position.

  • Trump's administration frequently sees leadership changes in key positions like the SEC.

Ömer Ergin
Ömer Ergin 7 months ago
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Current SEC Chairman Gary Gensler, despite his familiarity with cryptocurrencies, has frustrated many cryptocurrency investors over the past four years. His actions have made life difficult not only for investors but also for U.S.-based cryptocurrency companies. However, Gensler’s tenure may soon come to an end, as Trump promised thousands of cryptocurrency investors months ago that he would remove him.

Contents
Trump’s New Stance on CryptocurrencyPotential New SEC Chairman

Trump’s New Stance on Cryptocurrency

Donald Trump has drastically changed his stance on cryptocurrencies this year, which reflected in his election results. With significant support from cryptocurrency investors, he achieved victory against Kamala Harris.

At the 2024 Bitcoin $104,433 event, Trump made bold promises that captured attention in July, including his aspiration to make the U.S. the cryptocurrency capital and his commitment to firing Gensler upon taking office.

Potential New SEC Chairman

With Trump’s inauguration, Gensler is likely to resign. It is a common occurrence to see leaders of key institutions like the SEC step down during administration changes, a pattern also observed in 2020 and previous years. Although unofficial, this trend has consistently repeated itself.

If Gensler does not resign, Trump may ask him to step down. As a last resort, Trump could appoint someone to take Gensler’s place in a passive role. Gensler has gained widespread disapproval due to his regulatory approach towards cryptocurrencies; the question remains about who will succeed him.

Reports suggest that Dan Gallagher, currently the Chief Legal Officer at Robinhood, is a strong candidate for the new SEC Chairman. His experience with Robinhood, a company involved in cryptocurrency dealings, makes him an excellent choice. If Gallagher becomes the new SEC Chairman, he will not need to empathize with cryptocurrency companies, having firsthand knowledge of the SEC’s harsh treatment of them.

Two other candidates are also discussed for the SEC Chair position.

  • Paul Atkins, CEO of Patomak Global Partners
  • Robert Stebbins from the law firm Willkie Farr & Gallagher

Gallagher’s long-standing candidacy may give him an advantage. Trump’s national press secretary, Karoline Leavitt, stated that names will soon be announced, urging everyone to await the announcement.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 8 November, 2024 - 2:36 am 8 November, 2024 - 2:36 am
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