A significant shift in the regulatory landscape for cryptocurrencies may be on the horizon following the recent U.S. election victory of Donald Trump.
Fox Business journalist Eleanor Terrett reported on X that a source close to the Trump transition team confirmed that the appointment of a new SEC Chair would prioritize pro-crypto views.
The pro-crypto stance is seen as a response to the growing importance of digital assets in the financial markets, and Terrett stated, “I promise you it will be someone pro-crypto.”
Donald Trump promised during his campaign that he would replace the current SEC Chair, Gary Gensler, on his first day in office, and Ripple CEO Brad Garlinghouse recently reminded Trump of this commitment.
Garlinghouse has been a vocal critic of the current Gensler and has actively advocated for a regulatory environment supportive of cryptocurrencies. He suggested several prominent figures who understand the needs of the crypto community and can effectively lead the SEC.
What’s Next for the SEC?
The anticipation of Gensler’s departure has fueled speculation within the industry. Some analysts believe Gensler might step down voluntarily. Whatever decision he makes, the end of his tenure will pave the way for a pro-crypto successor.
Dave Weisberger, a notable figure in the crypto community, replied to Terrett’s post, emphasizing the necessity of having an SEC Chair with a comprehensive understanding of various financial instruments, including equities, bonds, and cryptocurrencies.
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He noted that “the Trump team understands the future of financial markets is digital,” highlighting the administration’s recognition of the shift towards digital assets.
The current regulatory environment under Gensler has been characterized by stringent measures against several crypto entities, attempting to regulate cryptocurrencies as securities. Critics argue that Gensler’s approach has stifled innovation and hindered the growth of the U.S. crypto industry, suppressing cryptocurrencies and causing market uncertainty.
The emergence of a pro-crypto SEC Chair is anticipated in the industry by those who view it as an opportunity to foster a more conducive environment for innovation and growth.
A legal expert recently predicted a swift settlement of the legal battle with Ripple once the new SEC Chair takes over. He also believes the new administration will dismiss all current lawsuits, freeing the crypto market to innovate and change the global financial landscape.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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