Gary Gensler’s time as SEC chairman may be coming to an end – who will replace him and what does that mean for crypto?

While Republican candidate Donald Trump has promised to unseat Gensler on day one – which may or may not be possible – there is a strong possibility that the SEC chairman will be replaced regardless of who wins the White House, given Harris’ recent ouster Biden’s hardline anti-crypto party has deviated from its crypto stance and expressed support for a regulatory framework for digital assets.

While it’s almost a guarantee that Trump will replace Gensler if elected, Harris is also reportedly considering another SEC chair, raising questions about who that might be – and how they will regulate crypto assets.

Jenice Malecki, chair of the Securities Arbitration Committee of the New York State Bar Association, pursues a variety of security fraud cases and has a growing interest in cases involving crypto.

“It looks like Trump and Harris are both open to crypto investments, perhaps Trump is even more open given some of his policies,” Malecki said.

Malecki said Assets She believes both candidates are considering the chairmanship, saying Trump could choose Dan Gallagher or Hester Peirce and Harris could choose Chris Brummer or Erica Williams.

If Trump wins

Trump has made promoting crypto voting an integral part of his campaign strategy this election cycle, speaking at this year’s Bitcoin conference, launching his own tokens and pledging to make the US the “crypto capital of the planet.” make.

Dan Gallagher worked in various positions at the SEC before being appointed commissioner in 2011, where he held a Republican seat under the Obama administration until 2015.

He has since applied his legal expertise in various roles across the private sector before landing at Robinhood – a trading platform that offers users a wide selection of stocks and crypto assets – where he served as the platform’s chief legal officer for the past four years . Like many in the industry, he is excited about Gensler’s departure.

“Instead of issuing rules to provide regulatory certainty to an industry that demands it, the SEC has instead targeted individual companies, including Robinhood, through regulation through enforcement,” Gallagher said. “This is not how Americans expect our government to work.”

Hester Peirce is another candidate who currently serves as SEC commissioner. Appointed in 2018 under the Trump administration, she has repeatedly expressed dismay at the SEC’s aggressive approach to crypto.

In an interview with CoinDesk in May, Pierce said she believes the SEC is “using enforcement as the primary way to make policy in this area, and that’s just not the most effective way,” she said. “It’s not effective for the industry, but it’s also not effective for us as a regulator with limited resources.”

If Harris wins

While she hasn’t gone as far as Trump, Harris has recognized the importance of pro-crypto voters in this election cycle. The Democratic candidate has promised that the US will remain a dominant player in blockchain technology and has laid out a plan to support a regulatory framework for black digital assets. However, Harris is hesitant to fully take over the sector for fear of angering voters who view crypto as a scam.

Meanwhile, a recent Unchained report names two potential replacements being considered by the Harris campaign. Both could potentially be the SEC’s first non-white chairmen.

One potential SEC commissioner reportedly being considered is Chris Brummer, faculty director at Georgetown’s Institute of Economic Law, who has volunteered as part of the financial regulatory transition team for the Biden administration. He was also appointed by President Barack Obama to chair the Commodity Futures Trading Commission before President Donald Trump withdrew the nomination.

In May, Brummer announced the launch of his own crypto disclosure company called Bluprint, backed by Robinhood and the former CEO of PayPal. Its platform supports regulatory compliance for crypto firms around the world, with a focus on developing and evaluating white papers.

He is also the founder of DC Fintech Week, an annual political event increasingly focused on crypto and blockchain.

Another candidate for an SEC appointment in a Harris administration is Erica Williams, who currently serves as chair of the Public Company Accounting Oversight Board, which works closely with the SEC to protect investors by conducting audits of public companies and brokerage firms. easier for traders.

She previously served as special assistant and associate counsel for financial and economic policy under the Obama administration and practiced law at Kirkland and Ellis.

According to Unchained, while Williams has not made many public comments about her stance on cryptocurrencies, the board has assembled a team of inspectors specifically focused on emerging audit risks including cryptocurrencies.

While the election is still undecided, the future of crypto legislation remains unclear, but Malecki says no matter who takes over the SEC, regulation is necessary.

“One thing I would say is that non-regulation hurts everyone. It hurts investors. “It hurts legitimate crypto traders and allows bad actors to run rampant… I don’t know what it will look like exactly, but regulation is definitely needed,” Malecki said.