Trump is reportedly considering several key officials to help with crypto regulation and ease rules, in support of the sector.
Key Notes
- President-Elect Donald Trump is already making plans for the crypto sector and is considering key officials for appointment.
- Daniel Gallagher and SEC commissioners Hester Peirce and Mark Uyeda are two of the reported considerations.
- Trump has previously expressed a desire to remove SEC Chairman Gary Gensler.
The incoming Trump administration is preparing to implement a relaxed regulatory approach to cryptocurrencies. With the aim of positioning the United States as a leader in the crypto space, Trump’s team is considering appointing individuals with a positive stance on cryptocurrency to key roles. A report from the Washington Post shows that the administration is exploring options for leadership in several agencies, with a focus on creating a more favorable environment for crypto assets.
The Trump administration is reportedly considering a range of candidates who have shown support for cryptocurrencies. These individuals include current regulators, former government officials, and financial industry executives. Discussions are ongoing to identify those who would match with the administration’s plans to ease regulatory oversight of digital assets.
Among the names under consideration are Daniel Gallagher from Robinhood and two current SEC commissioners, Hester Peirce and Mark Uyeda. Both Peirce and Uyeda have previously expressed favorable views on crypto, with Uyeda notably voicing opposition to the SEC’s recent enforcement actions against the crypto industry. The administration has also reportedly consulted with several crypto industry executives about potential changes in federal policy that could further support the sector’s growth.
Trump’s Potential Crypto Forward Changes at the SEC
One of the most important potential appointments is for the chair of the Securities and Exchange Commission (SEC), an agency critical to cryptocurrency regulation. Donald Trump has previously expressed intentions to dismiss current SEC Chair Gary Gensler. If that move is successful, Hester Peirce could serve as an interim SEC chair, according to sources. Known for her support of crypto-friendly policies, Peirce’s appointment could signify a shift away from the strict regulatory stance that has defined Gensler’s tenure.
There is also speculation that Mark Uyeda, a current SEC commissioner, might take on a more prominent role under Trump. Uyeda has openly criticized the SEC’s approach to crypto regulation, particularly actions that enforce registration requirements without allegations of fraud. He argues that the SEC’s “war on crypto” should end, emphasizing that the administration’s mandate would be to support the growth of the crypto sector in a lawful manner.
In addition to Peirce and Uyeda, Trump’s team is reportedly considering Paul Atkins, a former SEC commissioner, and Chris Giancarlo, a former commissioner of the CFTC (Commodity Futures Trading Commission) with a history of supporting crypto initiatives. Both are viewed as proponents of a regulatory framework that would accommodate the unique aspects of cryptocurrency.
Cryptocurrency Industry Support and Recent Market Rise
The cryptocurrency industry has been supportive of President Trump’s campaign, contributing over $130 million in August alone. Despite previously doubting the crypto sector, Trump has offered support and appeared at crypto-forward events like the Bitcoin 2024 conference in Nashville. This shift has raised hopes within the industry that the incoming administration will prioritize crypto development.
Following Trump’s election, the cryptocurrency market has seen a rise in value. Bitcoin
BTC
$87 413
24h volatility:
0.5%
Market cap:
$1.73 T
Vol. 24h:
$138.98 B
recently exceeded $86,000, and other digital assets like Dogecoin
DOGE
$0.38
24h volatility:
6.4%
Market cap:
$56.58 B
Vol. 24h:
$46.37 B
have reached record highs. Analysts link this rise to expectations of favorable policy changes that could improve the industry’s growth under the Trump administration.
The Washington Post reports that Trump’s aides are consulting on possible leadership changes in regulatory agencies. The aim is to promote a balanced approach that accommodates crypto’s growth while ensuring lawful oversight. As the Trump administration begins preparations, the potential impact on cryptocurrency regulation remains closely watched by industry stakeholders and regulators alike.
The SEC and other federal agencies have been central in enforcing regulations on crypto companies over recent years. With the possibility of more pro-crypto leadership, the industry is anticipating a new regulatory landscape that could drive further innovation in the US.
next
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
