The future of the Securities and Exchange Commission (SEC) and the progress of cryptocurrency policy in the US looks uncertain. US president Donald Trump had shown his intentions to nominate SEC chairman Jay Clayton to the post of U.S. Attorney for the Southern District of New York.
In case he is approved at the position of new US Attorney for the Southern District of New York, the president will appoint one of the remaining SEC commissioners as acting chair until Clayton’s successor is confirmed.
The acting chair is the senior-most commissioner which belongs to the same party as the president, said Jerry Brito, who is the Executive Director of industry advocacy group Coin Center.
It is believed that Clayton’s nomination is firm and he might not be confirmed to the new role.
The succession pattern Brito described is “not automatic“. There’s no rule that makes it automatic. That’s just custom.”
In a possibility, Commissioner Elad Roisman might get the go ahead with . Commissioner Allison Herren Lee, a Democrat, unlikely to become acting chair.
The potential future for crypto regulation is at stake. Clayton expressed concerns about market manipulation and maturity, security and consumer protection. Peirce, in contrast, has advocated for a more relaxed approach.