'Crypto will get its way': Here's who could replace Gensler at the SEC

MW 'Crypto will get its way': Here's who could replace Gensler at the SEC

By Robert Schroeder

The incoming Trump administration is expected to be friendlier toward the cryptocurrency industry

With Gary Gensler announcing his Inauguration Day departure from the Securities and Exchange Commission, at least one thing appears evident: His replacement will be friendly to the cryptocurrency industry.

"We suspect crypto will get its way, and the next SEC chair will be much more sympathetic to the industry than Gensler has been," wrote Ian Katz of Capital Alpha Partners in a note shortly after the news of Gensler's departure broke.

Now read: Gary Gensler to step down as SEC chair, as bitcoin surges toward $100K

President-elect Donald Trump hasn't named a candidate to replace Gensler as head of the SEC. But names in the mix reportedly include securities attorney Teresa Goody Guillén; former Acting Comptroller of the Currency Brian Brooks; and Dan Gallagher, Robinhood's (HOOD) chief legal officer.

In his note, Katz also mentioned former SEC commissioner Paul Atkins and Robert Stebbins, a former general counsel for the agency.

The announcement from Gensler came as bitcoin (BTCUSD) was nearing $100,000, a milestone that approaches amid expectations for a more crypto-friendly stance by the Trump administration.

Trump had said he would oust Gensler - who has a reputation as a cryptocurrency skeptic - on "day one" of his term.

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Trump and his fellow Republicans included language in their 2024 platform promising to defend crypto. In May, Trump said he's "good with" crypto after saying three years ago that bitcoin "just seems like a scam."

Last summer, Trump said he would build what he called a strategic bitcoin reserve, though he didn't go into much detail. James Angel, a finance professor at Georgetown University, told MarketWatch at the time that the creation of a reserve would only enrich those who already hold a large amount of bitcoin.

Frances Yue contributed.

-Robert Schroeder

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November 21, 2024 15:30 ET (20:30 GMT)

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