Gary Gensler’s tenure as SEC chairman may soon end, and crypto companies are watching closely. Over the past three years, Gensler has been a vocal critic of the crypto industry, leading to accusations of unfair treatment. As the 2024 election approaches, the industry has invested heavily to replace him.
Republican candidate Donald Trump has made clear he will remove Gensler on his first day in office. Trump has expressed his support for crypto, promising to make the United States the “crypto capital of the planet.”
If Trump wins, he could nominate Dan Gallagher, a former SEC commissioner, or Hester Peirce, a current SEC commissioner who has expressed concerns about Gensler’s strict approach to crypto.
On the other hand, Democratic candidate Kamala Harris is also considering a change in the SEC. While not as pro-crypto as Trump, Harris has expressed interest in creating a clearer regulatory framework for digital assets.
According to a Fortune report, two names are on its list: Chris Brummer, a Georgetown professor and crypto advocate, and Erica Williams, chair of the Public Company Accounting Oversight Board.
No matter who wins the election, one thing is clear: the crypto industry needs regulation. Securities lawyer Jenice Malecki points out that non-regulation hurts investors and allows bad actors to thrive.
The future of crypto regulation is uncertain, but a change within the SEC could reshape the future of the industry.
Also read: Who is Gary Gensler, the most hated man on the Crypto planet?
