Trump Admin Prepares Govt. to Take Relaxed Stance on Cryptos: Report
The incoming administration of President Trump is making preparations to appoint pro-crypto candidates for key positions and adopt a more liberal stance on cryptocurrencies. Trump 2.0 aims to fulfill his campaign promise of establishing the United States as the “crypto capital of the planet.” According to a report by The Washington Post, Trump is exploring new personnel and policies that would relax the regulatory environment for cryptocurrencies in the US.
Trump’s aides are considering a mix of current regulators, former federal officials, and financial industry executives who have a positive stance on cryptocurrencies for key leadership positions. Furthermore, senior advisers are consulting with cryptocurrency executives on potential changes to federal policies. The report also mentioned that initial discussions have taken place regarding regulatory agencies such as the Securities and Exchange Commission (SEC).
Sources informed the publication that the process is still in its early stages, and the list of candidates may change. However, some individuals under consideration include Daniel Gallagher, who currently works for Robinhood, as well as the SEC’s two Republican commissioners, Hester Peirce and Mark Uyeda.
One crucial appointment would be the chair of the SEC, who has the power to determine cryptocurrency regulations. Peirce is reportedly seen as a potential interim chair of the SEC once Trump assumes the presidency. Trump had previously made a promise to “fire” the current SEC Chair Gary Gensler on “day one.”
Meanwhile, speculations within the crypto community suggest that Mark Uyeda could lead the SEC under Trump’s rule. Last week, crypto attorney Jake Chervinsky suggested Uyeda in a post on X.
Uyeda, who joined the SEC as a commissioner on June 30, 2022, has been highly vocal against the current SEC’s enforcement actions on cryptocurrencies. In a recent interview with Fox Business, he emphasized the need to end the commission’s “war on crypto.” Uyeda stated, “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. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
Additionally, sources familiar with the matter informed The Washington Post that Trump aides are also considering Paul Atkins, a former SEC commissioner, and Chris Giancarlo, a former GOP commissioner at the Commodity Futures Trading Commission (CFTC).
However, it is uncertain whether Trump could actually remove the current SEC chairman, primarily because Gensler is a regulator confirmed by the Senate. Firing Gensler could potentially trigger a complicated legal battle over the president’s authorities, as noted by the sources.
