According to a report from Fox Business journalist Eleanor Terrett, the announcement may come tomorrow.

NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned .

— Eleanor Terrett (@EleanorTerrett) December 3, 2024

This development comes after Gensler’s resignation announcement. His chosen date coincides with Trump’s return to office. Gensler’s tenure has been marked by stringent enforcement actions against the crypto industry, which many in the space argue have stifled innovation.

The most prominent example is the SEC’s lawsuit against Ripple, which resulted in prolonged uncertainty for XRP. With Gensler’s departure on the horizon, XRP has surged to its highest price since 2018, signaling renewed investor confidence.

Potential Candidates for SEC Chair

Several prominent names have been suggested as potential successors to Gensler. Among them is Christopher Giancarlo, the former Chairman of the Commodity Futures Trading Commission (CFTC) and a vocal advocate for blockchain innovation.

Often referred to as “CryptoDad,” Giancarlo is viewed by many as the frontrunner and a potential ally for the cryptocurrency industry.

Brian Brooks, the former Acting Comptroller of the Currency, is another strong contender. Known for his pro-crypto stance, Brooks has been a key figure in advancing regulatory clarity for digital assets.

Other potential candidates include Daniel Gallagher, currently serving as Robinhood’s Chief Legal Counsel; Brad Bondi, a partner at the law firm Paul Hastings; Paul Atkins, CEO of Patomak Global Partners; and Bob Stebbins, former SEC General Counsel.

Many experts and crypto advocates, including well-known attorney John Deaton, have supported Bondi while standing with Ripple’s Chief Legal Officer (CLO) Stuart Alderoty against Stebbins.

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Market and Industry Reactions

The possibility of a more crypto-friendly SEC Chair has generated optimism in the industry. XRP’s recent price rally reflects broader market enthusiasm, as investors anticipate a regulatory environment that could foster innovation and reduce legal uncertainty.

Critics of Gensler’s tenure argue that his approach to crypto regulation has been excessively adversarial. Industry leaders have pointed to the SEC’s enforcement-first strategy as a barrier to technological progress and market growth.

The appointment of a new Chair, especially one with a balanced view on crypto regulation, is a potential turning point. The dismissal of the lawsuit could also send XRP higher.

There have also been rumors that Ripple CEO Brad Garlinghouse met with Trump recently, and the crypto community can rest assured that the new administration will choose the right person for the job.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Fox Business journalist Eleanor Terrett reported on X that a source close to the Trump transition team confirmed that the appointment of a new SEC Chair would prioritize pro-crypto views.

The pro-crypto stance is seen as a response to the growing importance of digital assets in the financial markets, and Terrett stated, “I promise you it will be someone pro-crypto.”

Donald Trump promised during his campaign that he would replace the current SEC Chair, Gary Gensler, on his first day in office, and Ripple CEO Brad Garlinghouse recently reminded Trump of this commitment.

Garlinghouse has been a vocal critic of the current Gensler and has actively advocated for a regulatory environment supportive of cryptocurrencies. He suggested several prominent figures who understand the needs of the crypto community and can effectively lead the SEC.

What’s Next for the SEC?

The anticipation of Gensler’s departure has fueled speculation within the industry. Some analysts believe Gensler might step down voluntarily. Whatever decision he makes, the end of his tenure will pave the way for a pro-crypto successor.

Dave Weisberger, a notable figure in the crypto community, replied to Terrett’s post, emphasizing the necessity of having an SEC Chair with a comprehensive understanding of various financial instruments, including equities, bonds, and cryptocurrencies.

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He noted that “the Trump team understands the future of financial markets is digital,” highlighting the administration’s recognition of the shift towards digital assets.

The current regulatory environment under Gensler has been characterized by stringent measures against several crypto entities, attempting to regulate cryptocurrencies as securities. Critics argue that Gensler’s approach has stifled innovation and hindered the growth of the U.S. crypto industry, suppressing cryptocurrencies and causing market uncertainty.

The emergence of a pro-crypto SEC Chair is anticipated in the industry by those who view it as an opportunity to foster a more conducive environment for innovation and growth.

A legal expert recently predicted a swift settlement of the legal battle with Ripple once the new SEC Chair takes over. He also believes the new administration will dismiss all current lawsuits, freeing the crypto market to innovate and change the global financial landscape.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Replying to the questions, Hoskinson said:

“I’ve been in the space since 2011 and back in that those days, nobody cared about cryptocurrency. We were a very small club. We all kind of knew each other… Back in those days, we were just trying to solve the problem of email for money.

Read Also: Cardano News: Hoskinsea sells out 80% allocated token as private sale ends in few hours

“We just wanted to be able to send value to people easily and without counterparty risk. And then what happened is people said ‘well, that’s a great idea, but we want programmability’…

“In 2013, I helped co-found Ethereum, and there we had smart contracts, and since suddenly we could do crowd sales and we could do NFTs and DEXes and all these things that you see today that are very exciting, but the problem with those technologies is they don’t really scale.

“When you start adding lots of users and you want to have a truly global system with millions, eventually billions, and solve real financial problems, whether it be microfinance in Africa or remittances in El Salvador or it is global trade or ESG compliance, these types of things, you simply don’t have the technology to do that at the scale of millions to billions of people.

“What I did in 2015 is I took a step back and I said, ‘alright, let’s start a company and do first principles research’. So we opened up labs everywhere… And we wrote 135 papers, mostly peer-reviewed, and we kind of built out the scientific backend, the scientific layer at the industry. And then we took those papers and transformed them into high assurance code the, same type of code used for jets and for rockets… and we created a protocol called Cardano and launched in 2017.

“It’s been up since then. And we now have three and a half million users all across the world from Ethiopia and Burundi and Kenya all the way to the United States.”

Cardano, an Incredible Success Story

In course of the long narration by the founder of Cardano, the interviewer, Maria Bartiromo, interjected and said, “What an incredible success story. She further asked about the areas where Cardano blockchain could effectively help in the real world.

Hoskinson, who is also the CEO of IOG (Input Output Global), the software firm behind the development of Cardano, said:

“Anywhere where you have a consortium of actors who have to work together who don’t necessarily trust each other, but need to work together for the market to form is where blockchain is best at. It could be a voting system and you ask who counts the votes; it can be a supply chain system and you say who audits that to make sure it’s ESG-compliant or whatever your goal happens to be. It could be a medical record system…

Read Also: Charles Hoskinson Wants Elon Musk to Make Cardano His Plan B If His Aim to Acquire Twitter Fails

“So, these are simple problems to state, but in collection because of globalization or because of lack of trust, they’re hard to solve. And usually, we solve them by having a central institution, some bank or somebody, and say, ‘okay, they’re in charge.’ But by being in charge, they have enormous influence.

“We saw this with social media. For example, they control speech in certain cases. So what you can do with blockchain is remove that central party and then basically have a common logic and they all can work in a decentralized way instead.

“And that’s what our industry has been slowly doing. And we started in finance; that was kind of the first application. And now we’re looking at everything — healthcare, communications, telecommunications, all these different marketplaces.”

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