News Scrap

A report by Cointelegraph claimed that there are huge chances that the next U.S. president will fire the current SEC chairman and appoint a new one who will be crypto-friendly.

Gary Gensler is the current chairman of the United States Securities and Exchange Commission (SEC). Gensler has been the leader of the SEC agency since April 2021, and his tenure will be over in 2026. No person has authority in the U.S. to fire him from his position, although there are certain circumstances where the president of the country has authority to do the same by presenting a very genuine reason or fact.

In a recent interview with the popular crypto news website Cointelegraph, popular businessman Mark Cuban, who has close connections with the current U.S. vice president and presidential candidate Kamala Harris, said that he believes Harris will fire Gensler from his chairman role and hire a crypto-friendly person to lead the SEC body if elected in the presidential election.

Billionaire investor Mark Cuban: “I think the obvious issue is Gary Gensler, and my guess is that, based on the lack of public support for him, that he is gone.”

— Bitcoinik (@Bitcoinikdotcom) November 5, 2024

However, Cuban didn’t name any person as the most likely to assume the SEC chair position, but many crypto experts shared their opinion on this speculation and called crypto-friendly SEC official Hester Peirce as the most expected person for the chairman of the American securities regulatory body.

The SEC Commissioner Hester Peirce is known as “Crypto Mom” by crypto advocates. In the past, she opposed the SEC’s stringent approach under Chair Gary Gensler. Before her SEC appointment in 2018 by President Obama, Peirce researched financial regulation at George Mason University, advised the Senate Banking Committee, and worked as a staff attorney within the SEC’s Division of Investment Management. Recently, she and Commissioner Mark Uyeda expressed dissent against the SEC’s handling of a crypto case, criticizing Gensler’s aggressive tactics toward the industry.

Some people also named Chris Giancarlo as the next U.S. SEC chairman. Giancarlo is popular in the crypto space by the name “Crypto Dad.” Lawyer and former Commodity Futures Trading Commission (CFTC) head Giancarlo earned his nickname when he wrote the book CryptoDad: The Fight for the Future of Money. As reported by Politico, K Street — the metonym for American industry lobbying firms — sees Giancarlo as a potential candidate for SEC chair.