Donald Trump, who won the presidential elections held in early November and became the 47th President of the United States, made many promises regarding Bitcoin and cryptocurrencies during his campaign.
One of these was that he said he would dismiss current SEC Chairman Gary Gensler on his first day in office.
While it is wondered whether Trump will now dismiss SEC Chairman Gensler once he takes office, Ripple CLO Stuart Alderoty outlined what the priorities should be for the next chairman of the SEC within the scope of cryptocurrency regulations.
Ripple Chief Legal Officer Alderoty X shared his vision from the SEC's next chairman in a post on his account and listed the issues that the new SEC chairman should prioritize:
“There has been a lot of unsolicited advice about who should (or should not) be the next SEC Chair. I trust the transition team to make the right decision, keeping in mind the expectations for the crypto industry.
1. On the first day of the new president’s inauguration, all non-fraud crypto cases should be dropped and terminated from Day 1.
2. Cryptocurrency supporters SEC members Uyeda and Peirce should promise to stay with the new chairman and cooperate for the crypto industry.
3. Collaborate with all financial regulators and Congress on clear and simple rules for cryptocurrencies.
4. Abandon the 2018 Hinman speech and the 2019 “Framework for Investment Contract Analysis of Digital Assets.”
5. Increase transparency under the Freedom of Information Act (FOIA) regarding cryptocurrencies. Ensure that this is a real and reliable mechanism for the public to access information, not an opaque system.
6. Empower the Office of the Inspector General to address past issues within the SEC, ensuring accountability and restoring public trust.”
*This is not investment advice.