BCGAME - Free 5BTC Daily Bonus!- Gensler's resignation possible in November
- Trump vows to fire SEC chairman
- Pro-Crypto Candidates Considered for SEC
Recent rumors suggest that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), may announce his resignation as early as this month. Gensler is speculated to announce his departure after the Thanksgiving holiday, with plans to step down in early January, before President-elect Donald Trump takes office. This information was reported by Fox Business reporter Eleanor Terrett on November 15.
“It is difficult to predict when the announcement of his resignation will occur, but conversations in Washington circles indicate that he will likely announce after Thanksgiving his intention to leave in early January, before Trump’s inauguration,” Terrett said.
If confirmed, Gensler’s resignation would mean he would not complete his term, which is set to expire in 2026. During his campaign, Trump promised to fire Gensler, criticizing his hardline stance on cryptocurrencies. That promise was welcomed by the crypto community, which sees Gensler’s departure as an opportunity for a more pro-crypto regulatory approach.
With Gensler’s possible departure, speculation is mounting about who could take over as SEC chairman. Names such as Paul Atkins, a former SEC commissioner, and Brad Bondi, a lawyer known for his pro-crypto stance, are being considered. Atkins is a board member of the Digital Chamber of Commerce, while Bondi is a seasoned consultant in decentralized finance (DeFi), both of whom advocate for lighter regulation of digital assets.
Other potential candidates include Robinhood chief legal officer Dan Gallagher, former SEC general counsel Bob Stebbins and former Commodity Futures Trading Commission (CFTC) chairman Heath Tarbert. Gallagher, however, has indicated a preference to remain in his current position, while Stebbins, with the support of former SEC chairman Jay Clayton, could align himself with the Trump administration's policies on cryptocurrencies.
🚨While @realDonaldTrump's pick for @SECGov chair remains unknown, it looks increasingly likely that @GaryGensler will step down voluntarily and choose not to finish his term as commissioner (which would expire in 2026) as some had speculated he may have done, @FoxBusiness has
—Eleanor Terrett (@EleanorTerrett) November 15, 2024
During his term, Gensler was widely seen as an obstacle to the growth of the cryptocurrency market, mainly due to legal actions against companies such as Ripple and Coinbase. Trump promised a balanced approach to cryptocurrency regulation, ensuring investor safety and promoting innovation. In addition, the president-elect expressed his intention to establish a strategic Bitcoin reserve and position the US as a global leader in the cryptocurrency sector. Following his election, the crypto market reacted positively, with assets such as Bitcoin reaching all-time highs.
Gensler recently hinted at a possible departure from the SEC, saying he was “proud to serve” as chairman and defending his regulatory approach to cryptocurrencies. “I am proud to serve alongside my colleagues at the SEC who, day in and day out, work to protect American families in the financial world,” he said at the 56th Annual Institute on Securities Regulation at the Practicing Law Institute in New York.
Meanwhile, 18 states and the DeFi Education Fund have filed a lawsuit against the SEC, accusing the agency of illegally and unconstitutionally targeting the crypto industry. The lawsuit reflects growing dissatisfaction with the SEC’s stance under Gensler’s leadership and could influence future regulatory approaches to the sector.
