The emergence of Donald Trump as the president of the United States of America has birthed high hopes for the cryptocurrency market. In the election run-up, President Donald Trump emphasized his support for the cryptocurrency landscape, including the removal of Gary Gensler.
During his bid for a return to the White House, Donald Trump branded himself as a pro-crypto candidate which convinced major stakeholders in the industry to rally around him. In one of his campaign speeches, the incoming president promised to allow people who love the digital market sector to write the rules that will support the industry.
Don’t forget that Gary Gensler as the chairman of the United States Securities and Exchange Commission (SEC) has maintained a strong approach towards cryptocurrency regulation, leading to various lawsuits. More so, the SEC boss is an unpopular figure among cryptocurrency enthusiasts, with many labeling his presence as the head of the regulatory body as one of the factors that has halted the growth of the digital assets sector in the US.
Furthermore, while giving a speech at Bitcoin 2024, the newly elected president, Donald Trump vowed to sack Gary Gensler as the Chairman of the SEC. Trump during the speech explained that he never knew the SEC boss was unpopular among the cryptocurrency community.
By that, the departure of the SEC chair is only a matter of days. Nevertheless, there are processes involved in the removal of Gary Gensler as the unjust removal of the chairman may even birth a lawsuit from the regulatory body.
Nevertheless, there are growing indications that a potential removal or his resignation will surface by 2025. As the possible departure of the SEC boss keeps intensifying on a daily basis, there are already growing speculations about the host of names that will replace Gary Gensler.
Possible Replacements For Gary Gensler as SEC Chairman
Meanwhile, it is worth mentioning that Howard Lutnick is co-chairing the presidential transition committee of Donald Trump. By that, Lutnick is expected to make recommendations for the removal of the SEC boss, and some of the names below have emerged as potential candidates.
Brian Brooks
Previously nominated as Comptroller of the Currency on two occasions by Donald Trump during his first administration, Brian Brooks is one of the top names tipped to replace Gary Gensler as SEC boss. Further, the lawyer and technologist once served as the former Acting Comptroller of the Currency, which is a prominent bureau of the US Treasury.
Additionally, Brooks is a popular figure in the cryptocurrency space due to how he previously had stints at companies like Coinbase, Spring Labs, and BitFury Group. Also, Brooks served as the CEO of Binance.US for three months before resigning on August 6, 2021.
Considering his experience in the industry and how he has previously worked with Donald Trump, Brian Brooks is one of the leading candidates to replace Gary Gensler as SEC boss.
Hester Pierce
Nicknamed “Crypto Mom” by enthusiasts, Hester Peirce is one of the five sitting SEC commissioners who has earned an administration across the digital assets sector due to her advocacy for crypto. The former staff member of the United States Senate Committee on Banking, Housing, and Urban Affairs, has been occupying a vacant Republican seat at the SEC since December 2017.
Hester Peirce will complete her second term as an SEC commissioner by 2025, which positions her for a potential nomination as the chair of the regulatory body. In 2022, Pierce challenged the decision of the SEC to deny applications for spot crypto exchange-traded products.
Likewise, Hester Pierce has earned the respect of many due to how her pro-crypto stance made the SEC consider the approval of spot BTC and ETF exchange-traded funds. Thanks to her background experience with the SEC and her strong support for crypto, Hester Pierce is an intimidating presence in the mix of potential candidates who are in line to replace Gary Gensler.
Dan Gallagher
Like Hester Pierce, Dan Gallagher is another prominent name on this list with a background experience with the SEC. Between 2011 and 2015, the American Lawyer served as a commissioner with the SEC.
Before his appointment as a commissioner, Dan Gallagher previously worked as a counsel to former SEC chairman, Christoper Cox. In 2020, Robinhood revealed that it had appointed Dan Gallagher as its Chief Legal Officer.
His wealthy years of experience with the SEC and expertise as a legal practitioner have positioned Dan Gallagher as a strong candidate to replace Gary Gensler.
Other candidates in the mix to replace Gary Gensler include Chris Giancarlo, Health Tarbet, Mark Uyeda, and Paul Atkins.