Crypto cheers Gensler’s exit and eyes new pro-Bitcoin SEC Chair
THE announcement that Securities and Exchange Commission (SEC) Chair Gary Gensler will resign on January 20 is sending waves of anticipation through the crypto community, signalling a likely shift in the regulatory landscape.
Under Gensler’s tenure, the SEC has taken an aggressive stance on digital assets, pushing for stricter regulations and, at times, taking legal action against key players in the industry. His departure opens the door for President-elect Donald Trump to appoint a new chair who, based on his known stance toward cryptocurrencies, could usher in a significantly more crypto-friendly era.
This is a welcome change for those within the crypto ecosystem who have long seen Gensler’s approach as overly hostile. Gensler’s tenure was marked by a series of high-profile actions, including crackdowns on exchanges, as well as warnings to firms offering crypto products.
His actions were a part of a broader regulatory tightening that left many in the industry feeling uncertain, especially as they were subject to unclear guidelines and regulatory overreach. For cryptocurrency entrepreneurs and investors alike, Gensler’s tenure was seen as a barrier to the growth and maturity of the industry. The exit of Gensler, therefore, is not just a moment of relief but also a beacon of optimism for the future.
Given Trump’s history of being sympathetic to cryptocurrency and blockchain innovation, there is a widespread expectation that the next SEC chair will be a more lenient, pro-crypto figure.
The President-elect has cultivated relationships with the crypto community, most notably his support for Bitcoin during his presidential campaign, where he described the digital asset as “the future” while expressing scepticism toward the dollar. As such, many in the crypto space are hopeful that Trump will appoint a leader who aligns with the industry's values—someone who understands the importance of balancing regulation with the need for innovation and growth.
Among the names being floated, I believe that two stand out as strong contenders for the role: Hester Peirce and Mark Uyeda, both of whom currently serve as SEC commissioners. Peirce, often referred to as ‘Crypto Mom’ by industry insiders, is widely regarded as one of the most crypto-friendly figures within the SEC. Her tenure on the commission has been marked by a commitment to regulatory clarity, and she has consistently advocated for a more defined and transparent approach to digital asset regulation.
Peirce’s advocacy for the crypto industry is rooted in her belief that innovation should not be stifled by overregulation. She has publicly stated that the SEC should not be in the business of picking winners and losers but instead should focus on providing a framework that allows digital assets to flourish in a fair and competitive market.
Peirce’s professional background makes her the best choice for the job. She has shown the ability to work effectively with both sides of the aisle, balancing concerns over investor protection with the desire to foster innovation. This ability to bridge the gap between competing interests would be essential in a time when the SEC faces immense pressure to regulate digital assets without stifling their growth.
Another potential candidate who would also be a strong choice is Mark Uyeda. Like Peirce, Uyeda has proven himself to be a strong advocate for the crypto industry.
Known for his pro-crypto stance, Uyeda has called for a defined and balanced approach to the regulation of digital assets, one that does not unnecessarily hinder innovation but still ensures that investors are protected. His push for a clearer regulatory framework for cryptocurrencies has resonated with many in the industry who are looking for certainty after years of shifting guidelines.
With Uyeda’s appointment, the crypto verse would gain a leader who understands the delicate balance needed to encourage innovation while addressing the legitimate concerns about security and market manipulation.
Either Peirce or Uyeda would be a clear signal that the SEC is ready to take a more open-minded approach to cryptocurrencies, paving the way for greater industry growth and regulatory certainty. From a market perspective, this would be a major positive development.
The SEC’s historically tough stance on crypto has led to some volatility in the market, as firms, investors, and developers have scrambled to stay in compliance with ever-evolving rules. A more pro-crypto chair would likely bring the clarity and stability that the industry has longed for, especially in areas like token classification, securities regulation, and DeFi.
In the longer term, a pro-crypto SEC chair is bullish for Bitcoin and other digital assets. This increased stability would drive both investment and innovation, ultimately helping the crypto industry reach its full potential and pushing up values.
Nigel Green, deVere Group CEO and Founder
