• 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.

🚨 NEW: 🇺🇸 SEC CHIEF GARY GENSLER URGED TO STEP DOWN AFTER TRUMP WIN!

The American Securities Association has called for SEC Chair Gary Gensler’s immediate resignation! 😳

ASA President Chris Iacovella said Gensler should respect the "new direction" Americans voted for by… https://t.co/p2xrfDs7tt pic.twitter.com/yXGzBLxQg6

— Good Morning Crypto (@AbsGMCrypto) November 9, 2024

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. 

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At 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.

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