Trump Admin Prepares Govt. to Take Relaxed Stance on Cryptos: Report

(Crypto News)-13/11/2024

Trump’s incoming administration would appoint pro-crypto candidates for key positions and adopt a more liberal stance on cryptos.

Trump 2.0 is preparing to implement his campaign promise of making the US the “crypto capital of the planet.” According to a Washington Post report, Trump is exploring new personnel and policies that would relax crypto regulatory environment in the US.

Trump’s aides are considering having a “mix of current regulators, former federal officials and financial industry executives,” who have a positive stance on cryptos, for key leadership positions. Additionally, his senior advisers are consulting with cryptocurrency executives on potential federal policy changes.

The administration had initial discussions focused on regulatory agencies including the Securities and Exchange Commission (SEC), the report added.

Sources told the publication that the process is still early, and the list of candidates change. However, some of those under consideration include Daniel Gallagher, who currently works for Robinhood, and the SEC’s two Republican commissioners, Hester Peirce and Mark Uyeda.

Who Would be the Next SEC Chair?

Another crucial appointment would be the chair of the SEC, the power to determine crypto regulations. Peirce is reportedly seen as a potential interim chair of the SEC, once Trump takes over the White House.

Trump had previously promised to “fire” the current SEC Chair Gary Gensler on “day one.”

Meanwhile, speculations surfaced within the crypto community that Mark Uyeda would lead the SEC under Trump’s rule. Last week, crypto attorney Jake Chervinsky suggested Uyeda in a post on X.

Uyeda, who joined the SEC as a commissioner on June 30, 2022, has been highly vocal against the current SEC ‘s crypto enforcement actions. In a recent interview with Fox Business, he emphasised to end the commission’s war on crypto.

“The commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm,” he noted. “President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”

Further, sources familiar with the matter told the Post that Trump aides are also considering Paul Atkins, a former SEC commissioner, and Chris Giancarlo, a former GOP commissioner at the Commodity Futures Trading Commission (CFTC).

However, it is unknown if Trump could actually oust the sitting SEC chairman, mainly because Gensler is a Senate-confirmed regulator. Firing Gensler could trigger a complicated legal battle over the president’s authorities, the sources noted.