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Reading: Among Trump’s SEC Presidential Candidates! Another Bullish Signal for Cryptos?
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EdaFace Newsfeed > Latest News > Crypto News > Among Trump’s SEC Presidential Candidates! Another Bullish Signal for Cryptos?
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Among Trump’s SEC Presidential Candidates! Another Bullish Signal for Cryptos?

vitalclick
Last updated: November 9, 2024 1:41 pm
5 months ago
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Contents
Farley’s Background and ConnectionsTrump’s Priorities for the SECFarley and Cryptocurrency Opinions

Richard Farley, well-known on Wall Street and known for his expertise in investment finance, is being considered as chairman of the Securities and Exchange Commission (SEC) in the Trump administration. Farley is a partner at the New York-based law firm Kramer Levin Naftalis & Frankel and has experience representing major financial institutions such as Goldman Sachs, Credit Suisse and UBS.

Farley’s Background and Connections

Richard Farley has gained a solid foothold on Wall Street thanks to his expertise in financial activities and experience with banks and other financial institutions. As co-chairman of Kramer Levin’s Leveraged Finance Group, he advised private credit firms on many matters.

In 2017, Farley took part in the share sale of Sorrento Therapeutics on behalf of Cantor Fitzgerald. Cantor’s CEO, Howard Lutnick, is a key member of Trump’s personnel transition team, which could increase Farley’s chances of being appointed SEC chairman.

Farley’s personal relationships within the GOP are also strong. His wife, Chivacci “Chele” Farley, served as GOP finance chairman for New York City and ran for political office as a Republican. While Farley was previously a member of the Democratic Party, he has supported the GOP in recent years and supported Trump supporter Robert F. Kennedy Jr. has a long-standing friendly relationship with.

Trump’s Priorities for the SEC

The Trump administration is reportedly looking to remove current SEC Chairman Gary Gensler from his position. Although Gensler’s term will end in June 2026, the Trump team plans to appoint a new president at the beginning of the new administration.

American Securities Association CEO Chris Iacovella said Gensler’s departure from the SEC would increase confidence among retirees, small businesses and the working class.

The Trump team aims to return to the SEC’s core mission of consumer protection. This would be a departure from the style of Gensler, who has been particularly criticized for his aggressive approach to virtual currency regulations.

Farley and Cryptocurrency Opinions

Although Richard Farley has not publicly shared his views on cryptocurrency regulations, the Trump transition team has stated that it prefers a “pro-crypto” SEC chairman.

Eleanor Terrett: “I promise, someone who is pro-crypto will be elected.”

Republican SEC Commissioner Mark Uyeda said the SEC should end its “war on crypto” and suggested halting enforcement actions against firms based solely on lack of registration, without allegations of fraud.

In addition to Richard Farley, names such as Dan Gallagher, Chris Giancarlo and current SEC Commissioner Hester Peirce are also being considered as candidates for SEC chairman.

Some segments of the crypto community support Gallagher as a good fit for industry growth and regulatory clarity.

In the end, Richard Farley, who is nominated for SEC chairman, has financial industry experience and connections within the GOP, making him more likely to be a choice for the Trump administration. While the SEC is expected to adopt a more harmonious approach to cryptocurrency regulations, Farley’s stance in this area is being closely monitored.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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