Is Trumps potential SEC chairman friendly towards cryptocurrencies

Is Trumps potential SEC chairman friendly towards cryptocurrencies

Is Trumps potential SEC chairman friendly towards cryptocurrencies

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Two potential candidates for SEC chairperson: Chris Brummer and Erica Williams
Republican choices
According to reports, Chris Brummer, a professor at Georgetown Law School, and Erica Williams, Chair of the Public Company Accounting Oversight Board (PCAOB), are the two most likely potential candidates. It is reported that these two individuals have a more favorable view towards cryptocurrencies than Gary Gensler.
Earlier this spring, Chris Brummer founded a company called Bluprynt, which focuses on regulatory compliance for cryptocurrency companies, particularly under the framework of the European cryptocurrency regulatory bill MiCA. An insider familiar with Chris Brummer but unsure if he is being considered for SEC chairperson stated, “In terms of qualifications, Chris Brummer is more suitable than Gary Gensler to be the chairperson, and he would be the biggest peace proposal for cryptocurrencies put forward by Janet Yellen’s campaign team.”
As Chair of the PCAOB, Erica Williams primarily works with the SEC to protect investors, overseeing the registration of audit-reporting companies, setting auditing standards, and investigating and penalizing companies that violate these rules and laws.
According to an insider, both Chris Brummer and Erica Williams have progressive visions for financial regulation and would support cryptocurrency legislation, but they would also strictly enforce laws against illegal activities in this field. They also added that both individuals are known for their amiable work attitudes, which contrasts sharply with Gary Gensler, who is seen as difficult to work with by many subordinates.
However, Unchained also emphasized in the report that Janet Yellen has not publicly or privately promised to replace Gary Gensler, and it is uncertain whether she is seriously considering this issue. An insider stated, “It is unclear who the frontrunner is at the moment. Janet Yellen’s campaign team is concerned that being too supportive of cryptocurrencies before the election will cost her votes from progressive voters who view cryptocurrencies as ‘scams,’ rather than winning her new swing state voters.”
A spokesperson for Janet Yellen’s campaign team also stated, “The transition team will not make any personnel appointments before the election. Our current focus is on building the necessary infrastructure to be well-prepared.”
On the other hand, Republican candidate Trump previously promised to dismiss the SEC chairperson on his first day in office. Reports suggest that Dan Gallagher, Chief Legal Officer of Robinhood, is the best candidate appointed by the Republican Party to succeed as SEC chairperson.
Dan Gallagher’s background makes him sufficiently experienced for this position. He served as a Republican Commissioner at the Securities and Exchange Commission during the Obama administration and was also an advisor to several Republican appointees during President Bush’s tenure. Currently, he leads some cryptocurrency projects at Robinhood amidst regulatory headwinds.
When asked for comment, Dan Gallagher expressed, “I am honored to have my name mentioned in discussions about who might become the next SEC chairperson. I care deeply about the institution, and my expectation for any new SEC chairperson is that they promote market access and ensure that the United States remains at the forefront of financial innovation.”
Although it is currently unclear whether the president has legal grounds to directly “dismiss” the SEC chairperson, there is a broad legal consensus that the president can demote the chairperson to a commissioner position. Historically, when a new president takes office, the chairperson usually voluntarily resigns, and it is unlikely that the former chairperson would choose to remain in a less powerful commissioner position.