President-elect Donald Trump is about to reveal his choice to chair the Securities and Exchange Commission (SEC), a decision that is expected to mark a change in the direction of the most influential financial regulator in the United States.
According to sources cited by FOX Business journalist Eleanor Terrett, the announcement could occur this December 4, fulfilling Trump’s campaign promise to replace the current SEC chairman, Gary Gensler, from the first day of his term.
Gensler’s leadership, whose period officially ends on January 20, 2025is the subject of controversy, particularly for its focus on stricter regulation of the cryptocurrency sector. During his administration, the SEC promoted multiple enforcement actions and gave the green light to both spot and forward Bitcoin and Ethereum ETFs. While these measures strengthened market oversight, critics point out that the “regulate by enforcement” approach limited innovation in the crypto sector.
The names that sound
Among the main candidates to succeed Gensler, Paul Atkinsformer SEC commissioner, leads the betting with 70% odds. Known for his pro-cryptocurrency stance and emphasis on clear regulations that favor technological innovation, Atkins could lead the SEC toward a more balanced approach to the supervision of digital assets.
Other names under consideration include current commissioner Mark UyedaRobinhood Chief Legal Officer Dan Gallagher and former CFTC Chairman Heath Tarbert. Brian Brookswho was initially listed as one of the favorites, has seen his chances reduced to just 20%.
If confirmed, Atkins’ leadership could redefine regulatory policy in the United States, especially regarding the crypto industry and fintechs. His vision contrasts with Gensler’s and promises a more favorable environment for financial innovation.
The financial community is watching Trump’s announcement as the next SEC chair will play a key role in regulatory and enforcement strategies. This change could transform the supervision of the US market and mark a new stage for cryptocurrencies and financial technology in the country.
The end of crypto repression?
In addition to a pro-industry SEC chairman, the crypto sector hopes for an end to the aggressive and considered unfair repression on the industry. In the last four years, more than 30 founders of technology and crypto companies have reported being excluded from the banking system.
In a recent podcast, Marc Andreessen, co-founder of the venture capital firm Andreessen Horowitz, accused the Biden administration of using financial exclusion as a weapon against more than 30 legal companies related to digital assets, in what he called “Operation Chokepoint 2.0.”
Similarly, Tyler Winklevoss, co-founder of Gemini, claimed on Platform X that he and his company were locked out of the banking system due to their involvement in crypto. In addition, he noted that the number of companies affected exceeds 30, adding: “They also destroyed several banks for working with crypto companies. Completely illegal and malicious behavior.”
In response, Republican Congressman French Hill vowed Monday to “thoroughly investigate Operation Chokepoint 2.0” as part of his plan to “Make Community Banking Great Again” (MCBGA).
The MCBGA principles state that Congress should investigate the issue and that the Trump administration should officially stop and reverse this policy. Rep. Hill added: “There should be no place for politicized banking exclusion of legal businesses in the American financial system.”
Source: Ambito
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