Under the leadership of Gary Gensler, the United States Securities and Exchange Commission has shown a tougher regulatory attitude towards the cryptocurrency industry. Gensler’s stance has created negative sentiment among members of the crypto community towards the US administration, led by President Joe Biden.
As the US nears its crucial presidential election, many crypto enthusiasts are seeking clarification from the Democratic Party on whether Gary Gensler would continue in the post if the party is re-elected. Rumors indicate that Kamala Harris is contemplating appointing a more progressive financial expert for the role of SEC chair. Here is what we know about the rumors about Kamala’s SEC Chair plan.
The Prominent Names Under Democrats’ Consideration for SEC Chair post
Many names are circulating. Chris Brummer and Erica Williams are the prominent candidates under consideration by the Harris transition team for the SEC chair position. Notably, both are known for their progressive views on regulation, particularly towards cryptocurrency regulation.
Chris Brummer: A Crypto-Savvy Candidate
A professor at Georgetown Law, Chris Brumme, who is renowned for his expertise in the area of crypto regulation, is the founder of Bluprynt, a company focused on regulatory compliance for cryptocurrency firms. Those who support his potential induction as the SEC Chair are of the opinion that his expertise in the area of crypto regulation would enable him to develop more progressive policies supporting the cryptocurrency sector.
Erica Williams: A Proven Leader at PCAOB
The chair of PCAOB, Erica Williams is an extremely experienced financial expert. Her prime advantage is her solid track record in protecting investors through strict audit standards. While Williams is not as vocal as Brummer about the cryptocurrency industry, many believe she does have a more progressive attitude towards crypto regulation than Gensler.
Can the US President Fire the SEC Chair?
Many crypto enthusiasts are calling for the present SEC Chair to be removed from his post. Republican lawmakers close to Donald Trump recently hinted that Trump plans to fire Gensler if elected. However, the big question remains whether the US President has the authority to do so.
A recent legal opinion suggests that the US president has no power to fire the SEC Chair, but can demote him.
In conclusion, if either Brummer or Williams is chosen for the highly influential post, it would be a historic moment as it would gift the country its first non-white SEC Chairman.
Stay tuned to Coinpedia for more such interesting news stories!
