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President-elect Donald Trump is expected to put pro-crypto personnel in positions across major federal financial regulators.
While on the campaign trail, Trump promised to support crypto if he were to win, earning him both donations and, presumably, votes. He previously promised to transform the United States into the “crypto capital of the planet,” according to the Washington Post, in a pledge that was met with enthusiasm from crypto leaders and concern from consumer watchdogs.
Now, the Post further reports that Trump’s aides are eyeing crypto-friendly candidates for top financial posts, as well as consulting with crypto company executives for possible federal policy changes.
Specifically, these early discussions focus on financial regulatory agencies, including the Securities and Exchange Commission (SEC). Many of the officials and industry executives in contention have pro-crypto views, according to anonymous sources close to the matter.
Roles like the chair of the SEC and other major institutions would be instrumental in incorporating crypto more closely into the American financial system.
Who is Trump’s team considering for these roles?
Some of the people in contention for the top job at the nation’s Securities and Exchange Commission (SEC) include Daniel Gallagher, a former SEC official and Republican donor who now works at Robinhood; and Hester Peirce and Mark Uyeda, two Republican commissioners already at the agency.
All three have previously criticized the SEC for being too hard on crypto, with Gallagher previously describing the agency as taking a “scorched earth” approach to the industry.
Others in contention for SEC commissioner include Paul Atkins, who has held the role before, and Chris Giancarlo, a former GOP commissioner at the Commodity Futures Trading Commission.
The role of chairman is also likely to be up for grabs, with Trump having already promised to fire Gary Gensler at a bitcoin conference last summer. Gensler has headed up fraud charges and various other allegations against major crypto companies like FTX, Binance, Coinbase, and Kraken over their business practices.
Featured image: Midjourney
