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Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Why Trust Cryptonews
Chris Giancarlo, former Chair of the U.S. Commodity Futures Trading Commission (CFTC) and widely known as “Crypto Dad” for his positive stance on digital assets, announced on November 14 that he is not in the running to replace current SEC Chair Gary Gensler.
Giancarlo clarified his position following recent speculation fueled by Donald Trump’s victory in the 2024 U.S. presidential election. Trump’s victory intensified discussions about potential changes in the SEC’s leadership.
Giancarlo Declines Interest in Replacing SEC Chair Gary Gensler: Who Is Taking the Role?
Giancarlo dismissed the idea of taking over the SEC in a post on X, citing his previous experience “cleaning up” after Gensler’s term at the CFTC.
He also denied rumors of interest in a crypto-focused role at the U.S. Department of Treasury, putting to rest any suggestion that he might be involved in upcoming government crypto initiatives.
Speculation over Gensler’s replacement has seen names like Dan Gallagher, Robinhood’s Chief Legal Officer, emerge as a frontrunner, according to a November 8 Reuters report.
Trump’s potential appointees, however, have drawn mixed reactions within the crypto community, particularly those perceived as lacking a crypto-friendly outlook.
“So far, most of Trump’s top proposed picks for SEC aren’t crypto-friendly,” Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, expressed concern on X.
He added that Gallagher “would be one of the worst,” describing him as a “Wall St banking lawyer.”
Cochran and other crypto advocates prefer figures like Giancarlo or SEC Commissioner Hester Peirce, dubbed “Crypto Mom” for her pro-crypto stance, citing their alignment with the digital asset sector.
Peirce, in particular, has been an outspoken advocate for regulatory clarity in the crypto space.
Gensler, who previously led the CFTC before his SEC appointment, has aggressively opposed crypto regulation.
Since assuming the role in 2021, he has led numerous enforcement actions against digital asset firms and has questioned the industry’s compliance with securities law.
As his expected departure draws near, many in the industry anticipate a shift in the SEC’s approach, potentially easing non-fraud crypto enforcement actions.
SEC Chief Gensler Defends Crypto Stance Amid Speculation of Trump-Led Ouster
United States Securities and Exchange Commission (SEC) Chair Gary Gensler, who may soon face removal by President-elect Donald Trump, recently defended his crypto policy approach during the Practising Law Institute’s annual securities regulation conference.
Reflecting on his tenure since April 2021, Gensler expressed pride in the SEC’s efforts to ensure market transparency.
He highlighted accomplishments like enforcing disclosure on data breaches, executive compensation, and market structure improvements, such as shortening stock settlement cycles to one day.
On crypto regulation, Gensler reinforced that while Bitcoin is not a security, the SEC should regulate many digital assets.
He stressed that crypto intermediaries must be registered and warned that lacking oversight has led to “significant investor harm.”
As Trump prepares to enter office, the crypto community anticipates moves aligning with his campaign promises, including fostering U.S. Bitcoin production, reconsidering Ross Ulbricht’s sentence, and halting central bank digital currency development.
Although Trump’s authority to remove Gensler is uncertain, he may attempt recess appointments to bypass Senate confirmation requirements.
