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As Trump vows to replace SEC Chairman Gary Gensler, blockchain company Ripple sees an opportunity for more favorable policies in a reorganized regulatory landscape.
Donald Trump's promise to replace SEC Chairman Gary Gensler from “day one” is raising hopes within Ripple (XRP) and the broader crypto sector for a friendlier environment in the US.
As crypto.news previously reported, Ripple CEO Brad Garlinghouse called for regulatory clarity and urged the appointment of a pro-crypto SEC chair. In particular, he suggested candidates such as Robinhood's Dan Gallagher, former CFTC director Christopher Giancarlo and former comptroller Brian Brooks as possible nominees.
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SEC versus crypto industry
Since taking office in April 2021, Gensler has led a harsh crackdown on cryptocurrencies, targeting cryptocurrency giants like Coinbase and Ripple for allegedly offering unregistered securities.
The SEC even secured a landmark $4.5 billion settlement with Terraform Labs and its disgraced founder Do Kwon, who has been imprisoned in Montenegro since 2023. As crypto.news noted in a feature article, US regulators imposed $32 billion in fines on crypto companies to resolve compliance disputes only in 2024.
The crypto space has long criticized Gensler's approach, with Coinbase CEO Brian Armstrong x.com/brian_armstrong/status/1851103674744832334″ target=”_blank” rel=”nofollow”>recently suggesting that the next SEC chairman should publicly apologize for what he called the “harm” caused to the US crypto sector.
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Typically, the SEC chairman resigns with a new administration. This means Gensler's departure would not occur until late January, when Trump returns to the Oval Office. If Gensler resigns, the SEC would be left with a 2-2 partisan split, likely delaying more aggressive enforcement until a new chairman is confirmed.
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