Trump administration prepares government for relaxed stance on cryptos

Trump’s new administration would appoint pro-crypto candidates to key positions and take a more liberal stance toward cryptos.

Trump is preparing to fulfill his campaign promise

Trump 2.0 is preparing to implement his campaign promise to make the US the “crypto capital of the planet.” According to a report in the Washington Post, Trump is considering new personnel and policy measures that would loosen the regulatory environment for cryptocurrencies in the US.

Trump’s advisers are considering appointing a “mix of current regulators, former federal officials and financial industry executives” who have a positive view of cryptocurrencies to key leadership positions. In addition, his senior advisers are consulting with cryptocurrency industry leaders about potential federal policy changes.

The report added that the government’s initial discussions focused on regulators such as the Securities and Exchange Commission (SEC).

Sources told the publication that the process is still in its early stages and the list of candidates is subject to change, but those being considered include Daniel Gallagher, who currently works for Robinhood, and the SEC’s two Republican commissioners, Hester Peirce and Mark Uyeda.

Who would be the next SEC chairman?

Another crucial appointment would be that of the chairman of the SEC, who has the power to set crypto regulations. Peirce is reportedly being considered as a possible interim chairman of the SEC once Trump takes over the White House.

Trump had previously promised to “fire” current SEC Chairman Gary Gensler on “day one.”

Meanwhile, speculation surfaced in the crypto community that Mark Uyeda would lead the SEC under Trump’s rule. Last week, crypto lawyer Jake Chervinsky slammed Uyeda in a post on X.

Thanks.. altho why wouldn't someone who is commish want chair job? seems really un-DC to not want more power, no?

— Eric Balchunas (@EricBalchunas) November 6, 2024

Uyeda, who joins the SEC as a commissioner on June 30, 2022, has been very vocal about the SEC’s current enforcement actions in the cryptocurrency space. In a recent interview with Fox Business, he stressed that the commission’s war on cryptocurrencies must end.

“The Commission’s war on cryptocurrency must end, including enforcement actions against cryptocurrencies based solely on a lack of registration, without any allegation of fraud or harm,” he said. “President Trump and the American electorate have sent a clear message. Starting in 2025, it is the SEC’s job to carry out that mandate.”

Sources familiar with the matter told the Post that Trump’s advisers 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 unknown whether Trump might actually fire the acting SEC chairman, especially because Gensler is a Senate-confirmed regulator. Firing Gensler could trigger a complicated legal battle over presidential powers, the sources said.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂

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