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Donald Trump's victory continues to fuel the crypto market with Bitcoin breaking new highs on a seemingly daily basis. Yet to be sworn in, Trump's election win was enough to instill confidence in the crypto industry, which found themselves extremely enthused by the Republican candidate's pledges.
One popular pledge Trump made during his campaign was to Securities and Exchange Commission (SEC) chair Gary Gensler on the first day of his Presidency.
“On day one, I will fire Gary Gensler,” Trump famously said. Although it's questionable whether the president actually has the power to fire the SEC chair, the mere thought of a Gensler exit has inspired palpable excitement.
Less than a week since Trump's election win, the names of potential Gensler replacements have already surfaced. It's still early days but the kind souls at Blockhead thought it might be useful to evaluate how worthy these potential successors are. In any case, with Gensler bringing over 100 cases against the crypto industry during his tenure, it's not like these candidates can be any worse... Right?
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Dan Gallagher
Previously serving as an SEC commissioner and is currently the chief legal, compliance, and corporate affairs officer of Robinhood Markets, Dan Gallagher has flavoured both regulation bodies and retail (degen) finance.
What's more, Gallagher has been vocally critical of Gensler, demanding changes in how the regulator approaches crypto. Speaking before Congress in September, Gallagher called out Gensler, stating the SEC had fostered “innovation-killing federal regulatory uncertainty.”
.@RobinhoodApp CLO @DanGallagherDC spoke in front of congress today alongside @bitwiseinvest President @teddyfuse and Cato Institute @jenniferjschulp.
— Richard Heart (@RichardHeartWin) September 19, 2024
Here's the full hearing. #Bitcoin pic.twitter.com/SaOcVyJeXp
“The SEC has engaged in regulation by enforcement, which is bad for American consumers who want greater access to digital assets. It’s bad for the innovation in the blockchain and digital asset industries, and it is bad for the already eroding and competitive position of the U.S. with regard to digital asset markets,” he said during the hearing.
Gensler Replacement Rating: 8/10
Paul Atkins
Perhaps the closest ally to Trump among the Gensler candidates, Paul Atkins was part of Trump's 2016 transition team and like Gallagher, also served as an SEC commissioner.
Currently, Atkins wears the CEO hat of consultancy Patomak Global Partners and has been the co-chair of pro-blockchain advocacy group Token Alliance since 2017. The group is an initiative of the Chamber of Digital Commerce, which promotes “the acceptance and use of digital assets and blockchain-based technologies.”
While Atkins agreed with Gensler that Bitcoin is not a security, he disagreed with the regulator's approach to regulating crypto.
“The way the SEC is doing this, as regulation through enforcement, or threatening to, is a real problem,” he said in 2022.
Gensler Replacement Rating: 7.5/10
Blockhead
Mark Uyeda
Appointed by President Biden as an SEC commissioner in 2022, Mark Uyeda worked closely former SEC Chairman Jay Clayton. Uyeda has been critical of the SEC's handling of crypto regulation, and even described its policies as a "disaster."
Earlier this week, Uyeda called for reform at the top of the SEC with regards to this crypto approach.
“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 said during the interview. “President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
Gensler Replacement Rating: 7.5/10
Blockhead
Hester Peirce
The only woman to make this list, Hester Peirce has earned the moniker "Crypto Mom" for her pro-crypto stance. Known for being a prominent critic of Gensler's regulator stance, Peirce serves as an SEC Commissioner and said in a joint statement with Uyeda, "Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake."
However, Peirce, who was nominated by former President Obama to the SEC in 2016, will see her term at the SEC end in 2025. Whether she'll take up the mantle of Chair is unknown.
Gensler Replacement Rating: 7/10
Chris Giancarlo
If there's a "Crypto Mom" there must be a "Crypto Dad." Former Commodity Futures Trading Commission (CFTC) head, Chris Giancarlo has earned the fatherly nickname and is currently the co-chair of the digital works practise at Willkie Farr & Gallagher.
Giancarlo's biggest claim to fame for the industry was overseeing the approval of the first Bitcoin futures products. He also published a book titled 'CryptoDad: The Fight for the Future of Money' in 2021 and currently serves on the board of advisors of crypto lobbying firm, The Digital Chamber.
Gensler Replacement Rating: 7/10
With Trump yet to take office, it's early days to call who will replace Gensler, or even he'll even be muscled out. But the industry can rest assured that there are some very viable candidates waiting on the sidelines for his position. For now, Gallagher seems to be the favourite but any of the other potentials are equally as inspiring.
Elsewhere
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Blockcast
This week's Blockcast features Aethir co-founder Mark Rydon, who tells Blockhead why he decided to take on the challenges with centralized GPU clouds, such as Google's Stadia, which struggled to provide low-latency gaming services economically.
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Events
Devcon (Bangkok, 12-15 November 2024)
Following Devcon Bogota in 2022, the Ethereum Foundation is set to host Devcon SEA, the 7th edition of its premier developer and community conference.
This landmark event is expected to bring together a diverse group of individuals, including developers, researchers, academics, and community members, to explore the future of Ethereum and its potential to reshape society.
Tickets are available here, with discounts for local builders, students and teachers, and youth.
Consensus (Hong Kong, 18-20 February)
Consensus is heading to Hong Kong, bringing together the industry’s most important voices from East and West for pivotal conversations and deal-making opportunities.
Consensus Hong Kong convenes global leaders in tech and finance to debate pressing issues, announce key developments and deals, and share their visions for the future.
Use promo code BLOCKDESK20 at checkout for a 20% discount on tickets here.
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