It seems the debate on next SEC chairman is coming to an end as reports emerge that the pre-elect president Donald Trump is preparing to announce his pick tomorrow, December 4.
FOX Business reporter Eleanor Terrett has confirmed it, citing sources familiar with the matter.
This comes shortly after the current SEC Chairman Gary Gensler announced his resignation last month. This is expected to take effect on January 20, 2025, around the same time when Trump would begin his second term.
Trump has promised to shake up the SEC’s leadership and policies, especially when it comes to how digital assets like cryptocurrencies are regulated.
Genslar’s leadership has been nothing but controversial, especially concerning his rigid stance on crypto regulation. It is believed that his ways discourage growth in the industry and create confusion. Trump, on the other hand, has called for clearer, more consistent rules for the digital asset market.
Meanwhile, one of the top names being considered for the job is Paul Atkins, a former SEC Commissioner. Based on data from Kalshi, Atkins has a 70% chance of securing the position under the Trump administration.
Atkins has been very vocal about his disapproval of Gensler’s regulatory approach and has advocated for more straightforward rules for the financial and crypto sectors. FOX reveals that Trump’s transition team recently met with Atkins to talk about taking the position.
Dan Gallagher, the Chief Legal Officer of Robinhood, currently serving SEC Commissioner Mark Uyeda and former Chair of CFTC Heath Tarbert are other potential candidates for the position. But Atkins is seen as the top choice due to his past experience as SEC Chair
The SEC was also seen under criticism from people like Michael John Flood, a Nebraska Representative, who maintained that Gensler’s policies have damaged the standing of the US in the international crypto scene.
Moreover, 18 U.S. states filed a complaint against the SEC actions, with the Republican attorneys general taking the lead and charging the agency by abusing its power and disregarding Congress, especially with regards to cryptocurrency regulation.
Whoever the new chair turns out to be, it is expected to bring about improvements in the crypto market.
Also Read: Justin Sun Joins Trump-Backed DeFi Project as Advisor
