Following the announcement of Gary Gensler’s departure from the Securities and Exchange Commission (SEC), new reports claim that re-elected US President Donald Trump is set to unveil his pick for the new SEC head in the coming days.
A new crypto era is about to begin
As we approach the end of the year, the cryptocurrency industry is set to conclude 2024 with a belt full of accomplishments, from the approval of cryptocurrency-based exchange-traded funds (ETFs) to Bitcoin’s near-$100,000 rally to the industry-friendly election victory. US Presidential.
Donald Trump’s victory as the 47th President of the United States has created a frenzy within the industry, sparking optimism and expectations about the new crypto era that will begin when he takes office in January.
Fox Business journalist Eleanor Terrett shared that Trump may announce his pick to replace Gensler in the coming days, with the announcement likely dropping “as soon as tomorrow.”
Terrett shares inside source information. Source: Eleanor Terrett on X
Outgoing SEC Chairman Gary Gensler announced his departure from the regulator on November 21, revealing that he would step down on January 20, 2025, the same day Trump takes office.
Following the announcement, speculation about the Commission’s new leader intensified, with names such as Christopher Giancarlo, Brad Bondi, Daniel Gallagher and Paul Atkins reportedly being considered.
Atkins, a former SEC commissioner, has received support from pro-XRP attorney John Deaton, who considers the candidate “light years ahead of Gary Gensler.” According to Terrett’s previous reporting, Atkins was “the current favorite among the people at Mar-a-Lago who have Trump’s ear.”
Recently, Chief Policy Officer (CPO) of Coinbase, Faryar Shirzad, shared his thoughts on the future of the SEC. Shirzad noted that he cannot predict who will be the next head of the Securities and Exchange Commission, but he believes that Trump is good at choosing people who share his vision.
As long as he chooses someone who is an agent of change and shares his vision, I think it will be good for the United States and society, and good for the people who own cryptocurrencies.
Is the cryptocurrency campaign ending?
Along with the new pro-industry SEC Chairman, the cryptocurrency sector expects the violent and unfair crackdown on the industry to stop. Recently, more than 30 tech and cryptocurrency founders claimed to have gone bankrupt in the past four years.
Recently PodcastMarc Andreessen, co-founder of venture capital firm Andreessen Horowitz, accused the Biden administration of using financial exclusion as a weapon against more than 30 founders, handling legal business related to the digital asset industry in what he calls “Operation Chokepoint 2.0.”
Likewise, Tyler Winklevoss, co-founder of Gemini He claimed X says that he and his company have gone bankrupt because they are in the cryptocurrency business. He stated that the number of affected companies is more than 30, adding that they also assassinated several banks because they deal with cryptocurrency companies. Totally illegal, evil behaviour.”
As a result, Republican Congressman French Hill said pledge on Monday to “fully investigate Operation Choke Point 2.0” as part of its Make Community Banking Great Again (MCBGA) plan.
The MCBGA principles state that Congress should investigate the matter, and the Trump administration should formally halt and reverse the policy. “The dismantling of politicized corporate banking should have no place in the American financial system,” Rep. Hill added.
Bitcoin (BTC) is trading at $94,944 in the weekly chart. Source: BTCUSDT on TradingView
Featured image from NBC News, chart from TradingView.com
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