Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), may soon be replaced, with Donald Trump’s transition team reportedly considering potential candidates.

Although Trump pledged in July to remove Gensler on the first day of a second term, he cannot technically do so without cause until Gensler’s term concludes in 2026. Cryptocurrency policy remains central to Trump’s focus in selecting a new SEC head.

Crypto Regulation Faces Criticism

Dan Gallagher, former SEC commissioner and current Chief Legal, Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term, and Corporate Affairs Officer at Robinhood Markets, is a potential candidate, according to Reuters. Gallagher has openly criticized Gensler’s regulatory methods, particularly regarding cryptocurrency.

During a Congressional hearing in September, he argued that the SEC’s enforcement-driven approach has created uncertainty, harming innovation and weakening the United States’ position in digital asset markets.

JUST IN🚨 SEC Chairman Gary Gensler is expected to resign by the end of December according to an anonymous source

Chair Gensler was appointed by President Joe Biden in 2021

Repost if you support his resignation ✔️ pic.twitter.com/YXllry3NmL

— Meta News🚨 (@xMarketNews) November 9, 2024

Former SEC Commissioner Considered

Paul Atkins, another former SEC commissioner who was part of Trump’s 2016 transition team, is also reportedly under consideration. Atkins currently leads Patomak Global Partners and serves as co-chair of the Token Alliance, an industry group promoting digital asset acceptance.

In a 2022 interview, he expressed agreement with the SEC’s stance on Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term’s non-security status but criticized Gensler’s enforcement-driven regulatory strategy.

Another possible candidate is SEC Commissioner Mark Uyeda, who was reappointed in January. Uyeda has held various SEC roles, including as an advisor to former Chairman Jay Clayton. He has been outspoken in his disapproval of the SEC’s handling of crypto issues, labelling its policies a “disaster” and calling for a top-down change.

⚡ NEWS: Mark Uyeda, SEC Commissioner, is emerging as a potential successor to Gary Gensler. #crypto #SEC pic.twitter.com/hKbGkSBAMv

— REV3AL (@Rev3alTech) November 7, 2024

Trump Team Weighs Appointees

While Gensler has achieved high-profile settlements, including a $4.5 billion agreement with Terraform Labs, industry figures argue that the SEC’s lack of clear crypto guidelines has undermined compliance efforts.

In October, Gensler hinted at a possible departure, stating: “Traditionally, presidents decide who chairs the SEC.”

Karoline Leavitt, Trump’s transition spokesperson, stated that no final decision on potential appointees has been made.