Gensler’s term will officially expire on January 5, 2026.
Hester Peirce, known as “Crypto Mom,” is seen as a possible replacement.
In April 2021, President Joe Biden appointed Gary Gensler as chairman of the Securities and Exchange Commission (SEC) in the United States. There were many positive expectations that were woven around his appointment, as he was considered at that time as a pro-bitcoin person.
Gensler’s experience at MIT as a professor teaching about cryptocurrencies seemed to point to management that favored the development of the ecosystem. But the official’s actions demonstrated the opposite, and he is currently seen as one of the presidents of the SEC. more opposed to the cryptocurrency sector.
With the change of government, which will occur following the results of the elections on November 5, movements are also expected in the SEC. Gensler’s term officially ends on January 5, 2026, so the next president of the United States will have to keep the official in office until that date, unless Gensler decides to resign. Something that researchers from the firm 10x Research look very likely in case Donald Trump wins.
In fact, as part of his election campaign promises, Trump has said he will fire the SEC chairman “on day one” if he wins the presidency.
However, to do so you must present a just cause, such as negligence, inefficiency or some other form of misconduct. And establish the cause, legal reviews and administrative transitions it could take more than a year (almost the same time he has left in office).
There are no known statements from Kamala Harris on this issue. Although the possibility of a change in leadership and a shift in regulatory policies has been cited. In that sense, investor and billionaire Mark Cuban, who has openly shown his support for Harris, says that the current vice president is in favor of “clear regulations” and opposes “regulation through litigation,” so possibly would dismiss Gensler.
There is already a list of possible substitutes
In any case, sooner or later, change in the SEC will have to happen. Given this, within the ecosystem possible substitutes are being consideredwith the hope that this time someone will be placed who will further favor the development of the industry.
Among the candidates is SEC Commissioner Hester Peirce, known in the bitcoin community as “Crypto Mom,” who has criticized Gensler’s aggressive approach on numerous occasions.
Therefore, Trump’s position in favor of cryptocurrencies places it as a favorite. Peirce was named member of the agency by the former president in January 2018. However, has said that he does not plan to remain on the commission after his term ends in 2025.
Another candidate to head the SEC is the former director of the Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, nicknamed “Crypto Dad” after writing the book CryptoDad: The Fight for the Future of Money in 2021.
During his time at the CFTC, Giancarlo approved the trading of Bitcoin futures, paving the way for the arrival of ETFs. It is considered that its position is open to the sector and that this has been favorable for the launch of new products related to cryptocurrencies and for the advancement of the industry.
The list of possible replacements for Gensler also includes Brian Brooks, former acting comptroller of the currency and also a well-known figure in the ecosystem, for his efforts for integrating digital assets into the traditional financial system and briefly as CEO of Binance.US in 2021.
Adding to the candidates is the name of Erica Williams, who currently serves as chair of the Public Company Accounting Oversight Board (PCAOB), whose appointment at the SEC appears to be being considered by Harris, next to Chris Brummerfaculty director of the Georgetown Institute of International Economic Law.
Brummer has experience in regulating the sector. Last May he launched Bluprynt, a company focused on regulatory compliance for cryptocurrency companies, focusing on the alignment of white papers with regulations.
Whoever is chosen, the community hopes that the appointment of a new president of the SEC significantly influence in the regulatory landscape of cryptocurrencies in the US., changing the strict approach set by Gary Gensler during Biden’s term. A position that has put the country’s leadership at risk in a sector that is considered increasingly important.
