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All change at the top 🔄
As top U.S. financial regulators exit their posts ahead of Trump's inauguration, TradFi firms are coming around to crypto.
Stephen Graves
January 07, 2025
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📝 What you need to know
Top U.S. financial regulators are heading for the exits ahead of the inauguration of president-elect Donald Trump.
U.S. Commodity Futures Trading Commission Chair Rostin Behnam announced Tuesday that he would resign later this month, just a day after Michael Barr, the Federal Reserve's Vice Chair for Supervision, stepped down.
Benham and Barr's departures come a few weeks after so-called anti-crypto SEC Chairman Gary Gensler and Commissioner Jaime Lizárraga signaled last November they would resign from their posts when Trump takes office later this month.
The change of guard was welcomed by crypto advocates who anticipate a more pro-crypto stance from the incoming administration. Speaking to Decrypt, Ripple CEO Brad Garlinghouse said that TradFi firms are increasingly willing to engage with crypto, as the U.S. pivots to a more crypto-friendly position.
💬 Quote of the Day
“When you engage [TradFi leaders] now, they see the writing on the wall.”
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