New Crypto Era Begins: Trump To Announce SEC Chair Pick As Soon As Tomorrow

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As a seasoned crypto investor with over a decade of experience navigating the volatile and unpredictable world of digital assets, I can confidently say that the impending change at the helm of the SEC has ignited a spark of hope within our community. The prospect of a pro-industry leader taking charge, as suggested by Trump’s rumored pick for the new chairman, could very well mark the dawn of a new crypto era in the United States.

After Gary Gensler announced he was leaving the Securities and Exchange Commission (SEC), recent news suggests that President Donald Trump, who has been re-elected, plans to reveal his nominee for the next SEC chairman within a few days.

A New Crypto Era About To Begin

By year’s end, the cryptocurrency sector is poised to wrap up 2024 with a string of achievements under its belt. These include the acceptance of crypto exchange-traded funds (ETFs), Bitcoin‘s surge towards $100,000, and the election of an administration favorable to the industry in the U.S. presidential elections.

The election of Donald Trump as the 47th U.S. President has sparked enthusiasm across various sectors, generating hope and anticipation for the upcoming digital currency era which is expected to commence upon his inauguration in January.

Eleanor Terrett from Fox Business indicated that Donald Trump might reveal his choice to succeed Gensler within the next few days, and there’s a possibility this announcement may occur “even as early as tomorrow.

On November 21st, Gary Gensler, who is currently the head at the Securities and Exchange Commission (SEC), announced his intention to leave the regulatory agency. He shared that he will officially step down on January 20th, 2025, which coincides with the day Donald Trump’s new term begins.

Following the declaration, there was increased conjecture regarding the potential next head of the Commission, as names such as Christopher Giancarlo, Brad Bondi, Daniel Gallagher, and Paul Atkins were rumored to be under consideration.

Previously reported as a favorite among Trump’s advisors at Mar-a-Lago, former SEC commissioner H. Wayne Atkins has received backing from XRP advocate John Deaton. Deaton views Atkins as significantly surpassing Gary Gensler in qualifications for the position.

Lately, Coinbase’s Chief Policy Officer, Faryar Shirzad, expressed his views about the potential future of the Securities and Exchange Commission (SEC). Shirzad mentioned that it’s hard to foresee who will be the next SEC chairman, but he believes that Trump has a knack for selecting individuals who align with his vision.

So far as he chooses an individual who is a catalyst for change and aligns with his vision, I believe it would prove beneficial for the United States, society at large, and the community of crypto owners.

Is The Crypto Crackdown Ending?

In addition to a new SEC chairman who is supportive of industries like crypto, there’s hope that the harsh and biased actions against the sector will come to an end. Notably, more than 30 tech and crypto leaders assert that they have faced account closures over the past four years.

In a recent Podcast, Marc Andreessen, co-founder of venture capital firm Andreessen Horowitz, accused the Biden administration of using financial exclusion as a weapon against more than 30 founders, tackling legal businesses related to the digital assets industry in what he calls “Operation Chokepoint 2.0.”

Similarly, Tyler Winklevoss, a co-founder of Gemini, asserted on X that he and his company were “debanked” due to their involvement in the cryptocurrency sector. He further stated that more than 30 companies have experienced this issue and added that these banks have acted against crypto businesses by effectively shutting them down, which he described as unlawful and immoral behavior.

On Monday, Republican Congressman French Hill vowed to thoroughly examine Operation Choke Point 2.0 as part of his initiative titled “Make Community Banking Great Again” (MCBGA), aiming to scrutinize and improve the community banking sector.

According to the MCBGA guidelines, it was proposed that Congress conduct an investigation into the issue at hand, while the Trump administration was advised to suspend, reverse, and ultimately end this particular policy. Representative Hill further emphasized, “It’s unacceptable for political bias to lead to the exclusion of legitimate businesses from the U.S. financial sector.

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2024-12-04 10:42