ASA Urges SEC Chair Gensler to Resign After Trump’s Election Victory
- ASA calls for Gensler’s resignation to rebuild trust after Trump’s victory.
- Trump’s team considers Dan Gallagher as a possible SEC replacement.
- Gallagher seeks clearer crypto rules to boost innovation and funding.
The American Financial Services Association has urged SEC Chairman Gary Gensler to step down after President-elect Donald Trump’s triumph. ASA President Chris Iacovella stated that he should respect the will of the voters and leave his post. He believes this would help rebuild public belief in the SEC and restore confidence for American families, pension savers, and small businesses.
Trump’s Push for Change in SEC Leadership
Although Gensler’s tenure is set to run until 2026, President-elect Trump has made it clear he plans to take over him. He has said he will remove Gensler on the first day of his second term of office. However, the SEC chairman cannot be dismissed without cause before his term officially ends. Despite this, Trump’s transition team has started discussing potential candidates for the role. One person mentioned is Dan Gallagher, a former SEC commissioner and now Robinhood’s chief legal officer.
Gallagher has publicly criticized Gensler’s handling of cryptocurrency guidelines. He has argued that the SEC’s current stance creates unnecessary uncertainty and harms innovation. Gallagher believes the agency should take a more balanced approach that still provides oversight without stifling industry development.
Regulatory Uncertainty Under Gensler’s Leadership
Gensler’s tenure has been marked by a tough stance on digital possessions, especially digital money. Many in the industry argue that his strict regulatory policies have created confusion, slowing technological progress. Critics feel the SEC’s actions have added uncertainty to the market and led to a lack of clear guidelines.
Read CRYPTONEWSLAND on google newsAt the same time, Gallagher has been advocating for more clear laws for digital money. He believes the United States risks losing its global leadership in digital innovation if the current legislative regulatory framework doesn’t improve. He argues that without better policies, countries with more favorable rules will attract capital and talent away from the U.S.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Uniswap founder: The killer use case for cryptocurrency is transferring value