Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Trump’s Win Puts SEC Chair Gary Gensler at Risk
Gary Gensler | Nov 6, 2024
Image: Freepik
With Trump’s win, SEC Chair Gensler May Step Down, Reshaping U.S. finance
Now that Donald Trump has been re-elected as President of the United States, analysts predict that Gary Gensler Chair of the Securities and Exchange Commission (SEC) will likely resign leading to a shift in the regulatory landscape.
- Historically, an SEC chair typically steps down with a new president so the incoming administration can align leadership. For example, that's what happened to Jay Clayton who was appointed by Trump but stepped down for the Biden transition to office.
- Trump publicly criticized Gensler’s tough stance on crypto at the 2024 Bitcoin conference when he announced plans to replace Gensler and make the SEC friendlier towards digital assets. Like all promises, time will tell what the outcomes will be.
See: Key Takeaways from Bitcoin 2024 Conference
- Gensler's term as SEC Chair has been full of strict crytpo oversight and a raft of notable enforcement actions, so if he exits his role and combined with Trump's pro-crypto stance we can expect more normalized (with less red tape) regulations.
- Once Trump's victory was claimed, it sent Bitcoin to a new all-time-high of $75,000, with the market voting their optimism for lighter regulation on digital assets.
When Gensler was asked about his possible departure, he said:
“I sleep fine.”
Conclusion
Beyond Gensler's anticipated resignation, digital asset stakeholders should monitor upcoming appointments and policy shifts that will influence the financial landscape and future of crypto in the United States. As for who might replace Gensler as the new SEC Chair? We can think of a few candidates of the hop. Crypto mom anyone?
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