According to foreign media reports, President-elect Trump is preparing to take a more inclusive approach to cryptocurrency, considering a group of 'crypto-friendly candidates' for financial regulatory positions, while his senior advisors are consulting with industry executives regarding 'possible adjustments to federal policy.'
Trump's campaign promise to make the U.S. the 'global cryptocurrency capital' has ignited a surge in Bitcoin prices, soaring to $89,000.
Most candidates under consideration support cryptocurrency.
Preliminary discussions are focusing on several financial regulatory agencies, including the U.S. Securities and Exchange Commission (SEC). The Washington Post quoted five informed sources revealing that Trump's aides are considering candidates including current regulators, former federal officials, and senior executives from the financial industry, many of whom have publicly expressed 'support for cryptocurrency.'
Candidate list is being adjusted.
Reports indicate that the relevant processes are still in the preliminary stages, and the candidate list is being adjusted. These appointments are significant: under the Trump administration, the heads of the SEC and other financial regulatory agencies will have the power to decide 'whether cryptocurrency becomes a larger and more formal part of the financial system.'
Sources say that the candidates currently under consideration for SEC and other positions include Daniel Gallagher, a former SEC official who now works at the retail favorite trading platform Robinhood, which offers cryptocurrency wallets as well as stock trading services; other candidates include SEC Republican Commissioner Hester Peirce, known as the 'crypto mom,' and Mark Uyeda.
Daniel Gallagher has criticized the SEC's 'scorched earth policy' towards cryptocurrencies, while Hester Peirce and Mark Uyeda have criticized the SEC's policies and enforcement actions under the Biden administration.
'Crypto mom' is expected to serve as the interim acting chair of the SEC.
Hester Peirce is seen as a potential candidate to become the interim acting chair of the SEC after Trump takes office, potentially leading a federal task force on cryptocurrency policy.
Mark Uyeda stated this month to Fox Business Network: 'The SEC's war on cryptocurrencies must end. Enforcement actions against purely unregistered crypto companies that are not engaged in fraud or harm must cease. President Trump and American voters have sent a clear signal that starting in 2025, the SEC's role is to carry out this mission.'
Trump's aides are also considering former SEC Commissioner Paul Atkins, who assisted during Trump's last transition period; another candidate is former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo.
These SEC chairman candidates under consideration will replace current chairman Gary Gensler, whom Trump promised to fire at the Bitcoin conference held this summer.
During his tenure, Gary Gensler has intensified the crackdown on cryptocurrency companies, launching fraud charges against FTX leaders and suing cryptocurrency exchanges Binance, Coinbase, and Kraken.
Ripple CEO Brad Garlinghouse stated that Gary Gensler's days at the SEC are 'numbered,' adding, 'I think Trump and many others understand this is a new technology that is likely to define the next few decades.'
Can Trump directly fire Gary Gensler?
It remains unclear whether Trump 'can' or 'will' fire the current SEC chairman, rather than just demoting him to commissioner and handing the SEC over to a new chairman, but directly firing Gary Gensler could trigger lawsuits.
As for Gary Gensler himself, he has not indicated whether he would resign after the new administration takes office, although SEC senior officials typically do so. An SEC spokesperson declined to comment.
Regardless of the outcome, preliminary signs indicate that Washington's approach to cryptocurrency will change significantly, reflecting the rapid rise of the cryptocurrency industry, which has also become the most funded industry in American politics, supporting candidates favorable to cryptocurrency and donating substantial political contributions to Trump.
Industry insiders have expressed a desire for regulatory clarity, including under what circumstances cryptocurrencies would be considered securities or commodities, and the jurisdictional scope of the relevant regulatory bodies.
"Trump fulfills his promise with the first step! Considering finding 'candidates who support cryptocurrency' for financial regulatory positions" this article was first published by (Blockcast).
