Trump Admin Prepares Govt. to Take Relaxed Stance on Cryptos: Report
The incoming Trump administration is making preparations to fulfill its campaign promise of making the US the “crypto capital of the planet.” According to a report by the Washington Post, Trump is exploring new personnel and policies that would create a more relaxed regulatory environment for cryptocurrencies in the US.
Trump’s team is considering appointing individuals with a positive stance on cryptocurrencies to key leadership positions. This includes a mix of current regulators, former federal officials, and executives from the financial industry. Additionally, senior advisers are consulting with cryptocurrency executives regarding potential changes to federal policies.
The Securities and Exchange Commission (SEC) has been a focal point of early discussions within the administration, as it plays a crucial role in determining crypto regulations. The list of potential candidates for key positions is still subject to change, but some individuals under consideration include Daniel Gallagher, who currently works for Robinhood, as well as Hester Peirce and Mark Uyeda, who serve as Republican commissioners at the SEC.
The appointment of the SEC chair is particularly important, as this individual holds the power to shape crypto regulations. Hester Peirce is reportedly seen as a potential interim chair once Trump assumes office, while there are speculations within the crypto community that Mark Uyeda could lead the SEC under Trump’s rule. Uyeda, who joined the SEC as a commissioner in June 2022, has been vocal about ending the commission’s aggressive approach towards cryptocurrencies.
Other individuals being considered for key positions include Paul Atkins, a former SEC commissioner, and Chris Giancarlo, a former GOP commissioner at the Commodity Futures Trading Commission (CFTC).
However, it remains uncertain whether Trump has the authority to remove the current SEC chairman, Gary Gensler, as he is a Senate-confirmed regulator. Firing Gensler could potentially lead to a legal battle over the president’s powers.