SEC Chairman Gensler Rumored to Resign Before Trump’s Inauguration
As Donald Trump prepares for another term, speculation grows about future crypto regulation, particularly concerning the US Securities and Exchange Commission (SEC) leadership.
Social media posts by FOX journalist Eleanor Terret indicate that SEC Chairman Gary Gensler may resign before Trump's inauguration in January 2025. His resignation would leave his term, expiring in 2026, uncompleted, with an announcement expected after Thanksgiving.
Pro-Crypto Candidates To Succeed Gensler
While Gensler has faced criticism for his strict regulatory stance on crypto, his successor's identity remains uncertain. Former CFTC Chairman Christopher Giancarlo has dismissed rumors of his nomination. Other candidates include:
- Dan Gallagher, Chief Legal Officer at Robinhood
- Bob Stebbins, partner at Willkie Farr
- Former SEC Commissioner Paul Atkins
- Brad Bondi, lawyer at Paul Hastings
Gallagher may reconsider leaving Robinhood as administration dynamics shift. Stebbins, linked to former SEC Chairman Jay Clayton, is rumored to be a favored candidate despite lacking a crypto background yet expected to follow the administration's lead on digital assets.
Atkins and Bondi advocate for a lighter regulatory approach, with Atkins serving on the board of the Digital Chamber of Commerce and Bondi advising decentralized finance (DeFi) projects.
Trump Plans Resource Allocation For CFTC
Other potential candidates mentioned include former CFTC Chair Heath Tarbert, former Acting Comptroller Brian Brooks, and former SEC Investment Management Director Norm Champ, who expressed willingness to serve if asked. Pro-crypto SEC Commissioner Mark Uyeda is reportedly open to chairmanship, while Hester Peirce, known as "crypto mom," has shown disinterest.
With anticipated leadership changes, Terret suggests the new SEC chair will support crypto while managing broader agency responsibilities, including oversight of public companies and markets. Additionally, the Trump administration may increase the CFTC's role in cryptocurrency regulation, considering allocating more resources to it, although specifics remain unclear.
Featured image from DALL-E, chart from TradingView.com