Gary Gensler’s tenure as SEC chair may soon come to an end, and crypto companies are watching closely. For the past three years, Gensler has been a strong critic of the crypto industry, leading to accusations of unfair treatment. As the 2024 elections approach, the industry has invested heavily in efforts to replace him.
Republican candidate Donald Trump has made it clear that he would remove Gensler on his first day in office. Trump has been vocal about his support for crypto, promising to turn the U.S. into the “crypto capital of the planet.”
If he wins, Trump may appoint Dan Gallagher, a former SEC commissioner, or Hester Peirce, a current SEC commissioner who has voiced concerns over Gensler’s harsh crypto approach.
On the other side, Democratic candidate Kamala Harris is also considering a change at the SEC. While not as pro-crypto as Trump, Harris has shown interest in creating a clearer regulatory framework for digital assets.
According to a Fortune report, two names reportedly on her list are Chris Brummer, a Georgetown professor and crypto advocate, and Erica Williams, chair of the Public Company Accounting Oversight Board.
Regardless of who wins the election, one thing is clear: the crypto industry needs regulation. Jenice Malecki, a securities lawyer, emphasizes that non-regulation harms investors and allows bad actors to thrive.
The future of crypto regulation is uncertain, but change at the SEC could reshape the industry’s future.
Also Read: Who is Gary Gensler, the Most Hated Man on Planet Crypto?
