Gary Gensler Threatened To Be Removed From The Position Of SEC Chair Due To Frequent Crypto Barriers

JAKARTA - Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, is in danger of being kicked out of his position, especially after Donald Trump's victory in the November presidential election. In Donald Trump's speech at the Bitcoin Conference held in Nashville last July, Trump revealed that he would remove Gary Gensler.

Under the leadership of Gary Gensler, the SEC has turned into an anti-crypto regulator who often fights the digital asset industry in the US. Gensler's actions are considered to have hampered innovation in the cryptocurrency sector. Gensler becomes a public entity among the crypto community. If Gensler is removed from the position of chairman of the SEC, then who will replace him? A number of pro-crypto candidates' names are starting to emerge, along with public expectations against the SEC who are considered to be more friendly to the digital asset industry.

According to a Coingape report, Gensler is rumored to be announcing his immediate resignation at the end of this year. Former SEC official John Redd Stark has even advised Gary Gensler to resign for the sake of current changes in crypto regulations. Pro-XRP lawyer James Murphy, known as MetaLawMan, also touched on the same pattern in which several SEC chairmen previously stepped down during a government change that was not in line with their agenda.

Speculation about who will replace Gensler continues to grow. According to a CNBC report, several candidates under consideration to replace the current SEC chairman include Chief Legal Officer Robinhood, Dan Gallagher, SEC Commissioner Mark Uyeda, former CFTC Chair Heath Tarbert, and SEC Commissioner Hester Pierce and Paul Atkins.

Other names such as Richard Farley and Robert Stebbins are also touted as potential candidates. These candidates are considered to have a more crypto-friendly view, so they are expected to bring a more pro-crypto policy direction if selected.

Republican dominance in Congress, both in the House of Representatives and the Senate, is expected to bring about changes in the SEC to formulate a clearer crypto regulatory framework. Many believe that this change will drive growth and innovation in the digital asset sector, especially amid the increasing US appeal to global investors interested in pro-crypto policy.