President-elect Donald Trump is reportedly close to announcing his choice for the new chair of the Securities and Exchange Commission (SEC), with an official announcement potentially coming as early as tomorrow.
What Happened: According to sources cited by Fox Business correspondent Eleanor Terrett, the decision comes as current SEC Chair Gary Gensler prepares to step down in January 2025.
Gensler's tenure has been marked by an aggressive enforcement approach toward cryptocurrency firms, drawing significant criticism from the crypto community.
Among the leading candidates to replace Gensler is Paul Atkins, a former SEC commissioner and a prominent advocate for deregulation.
Current SEC commissioners Hester Peirce and Mark Uyeda are also under consideration.
Both have been critical of Gensler's enforcement-heavy approach, advocating for a regulatory framework that balances innovation with investor protection.
Uyeda, in particular, has pushed for clearer guidelines and collaboration with the industry, signaling a potential shift in the SEC's stance under new leadership.
Also Read: EXCLUSIVE: Why Bitcoin Cannot Crack $100,000 Just Yet
Why It Matters: While the next SEC chair could reshape crypto regulation, fostering innovation while ensuring safeguards, Gensler's anticipated exit marks the end of a contentious era for the SEC.
Under his leadership, the agency pursued numerous enforcement actions against crypto firms, creating widespread uncertainty in the industry.
His approach, viewed by many as overly aggressive, has been a focal point of criticism from crypto advocates.
The possibility of a more crypto-friendly SEC has fueled optimism within the industry.
Adding a lighter note to the transition, Tron founder Justin Sun jokingly offered Gensler a job in the blockchain sector, highlighting polarized views on his legacy.
The expected appointment of a new SEC chair aligns with Trump's campaign promise to overhaul US cryptocurrency regulations.
During his campaign, Trump pledged to fire Gensler and introduce reforms that promote innovation-friendly rules for digital assets.
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