Donald Trump’s activities prior to assuming the presidency are already hinting at positive changes for crypto. In particular, mid-week sources reported on the possible appointment of Teresa Goody Guillen as head of the SEC. At one time she represented the Securities Commission, but now favours cryptocurrency companies.

There is also a possibility that Scott Bessent will be appointed as the next US Treasury Secretary. He runs hedge fund Key Square Group and supports the crypto industry.

The manager of Key Square Group Scott Bessent, who may become the new U.S. Treasury Secretary

In this way Bessent can replace Janet Yellen in this position.

When Gary Gensler will be fired

Gensler has long criticised the blockchain and cryptocurrency industry. Previously, the current chairman of the regulator has openly stated that much of the sector is “not compliant” with securities laws, well, and crypto itself has allegedly harmed millions of investors.

However, key figures in the crypto industry have sharply condemned the SEC’s attempts under Gensler’s leadership to take control of the industry. Firstly, nothing came of it, as the niche of digital assets continued to develop further. Secondly, the Commission’s actions hampered the US economy as some entrepreneurs were forced to relocate to another jurisdiction with their businesses for fear of litigation.

Finally, third, Gary Gensler somehow screwed the Democrats lobbying for his appointment in 2021. According to experts, many voters in the United States voted for Republicans in the recent elections, in part because of the current presidential administration’s strange approach to the blockchain industry.

SEC Chairman Gary Gensler

Here’s the opinion of Chris Perkins, a partner at crypto investment firm CoinFund, voiced in an interview with The Block.

It’s clear to the crypto industry that the era of “regulation through enforcement,” which cost U.S. companies more than $400 million in legal fees, has come to an end. Now a new era has begun.

According to the non-profit organisation Blockchain Association, the Securities Commission has filed 104 court cases against cryptocurrency companies by the end of 2023. At the same time, the defence costs amounted to $429 million.

Some coin enthusiasts have highlighted that Gensler’s fight against crypto could hurt Democrats in the 2024 election campaign, which they essentially failed. Sam Lyman, director of public policy at Riot Platforms, posted the following tweet on the matter.

Gensler’s overreach could cost Kamala Harris the election, bringing to power the most Bitcoin-friendly presidential administration in the nation’s history.

Current SEC chairman Gary Gensler is the current chairman of the SEC

Others, such as Coinbase General Counsel Paul Grewal, have chosen to stay quiet on the subject of Gensler’s departure. However, even that silence speaks volumes.

My mum always told me that if you can’t say anything nice, don’t say anything at all. So I’m just gonna keep my mouth shut.

Now comes another question – who will take over as head of the SEC after Gensler? In the run-up to the election, Robinhood General Counsel Dan Gallagher was floated as one of the candidates to take over. Politico reporters were the first to report the story in October, citing information from insiders.

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Gallagher fits the position as someone with SEC experience. He was a Republican SEC commissioner during the administration of former President Barack Obama, and served as an advisor to the Commission during the presidency of George W. Bush Jr.

However, he himself is not keen on trying on that role again. Dan’s comment is quoted by Decrypt.

It’s always an honour to have your name put forward for such an incredibly important position as SEC chairman. However, I have made it clear that I do not want to be considered for the position.

Robinhood General Counsel Dan Gallagher

Gallagher could be a cryptocurrency-friendly force at the SEC. However, as the expert noted, his role at Robinhood gives him the opportunity to influence the market in his own way. He continues.

I am committed to Robinhood and our millions of customers who represent the next generation of investors. I feel I can make huge progress in democratising finance in my current role, as well as remaining an active and consistent advocate for positive change.

Generally speaking, Gallagher is not the only contender to head the SEC who withdrew his name from consideration the day before. Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo tweeted last week that he wasn’t interested in cleaning up “Gary Gensler’s mess.”


The SEC under Gary Gensler will be remembered as a dark page in the history of the regulator. Still, the SEC openly fought with the crypto industry and did not let it develop, using its own power. Be that as it may, in the end, Gensler will resign and lose his powers, while crypto will continue on its way. This could be considered a victory for the blockchain industry.


For more interesting stuff, look for our crypto chat. There we’ll talk about other important news on the current bullrun.

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