Last week, the Securities and Exchange Commission (SEC) Chair Gary Gensler announced his decision to leave office on January 20th, as Donald Trump assumes office. His move was likely fueled by Trump’s promise to fire him once he occupied the White House.
Speaking at this year’s Bitcoin Conference months ago, the president-elect vowed to remove Gensler from office, accusing him of spearheading an anti-crypto crusade under Joe Biden’s administration. His speech was welcomed by attendees who felt that the SEC, under Gensler, was unfairly targeting crypto companies.
But Trump no longer has to fire the SEC Chair, who has announced his impending resignation. Instead, he will be tasked with choosing Gensler’s replacement after assuming office. Several names are already making rounds on the Internet. Here are the potential candidates.
Hester Peirce
Former SEC enforcement attorney John Stark has said Hester Peirce, a Commissioner at the agency, could be appointed as an acting Chair when Gensler leaves office.
Popularly known as ‘Crypto Mom,’ Peirce has been a big supporter of the blockchain industry. Since her appointment in 2018, she has fought against the SEC’s law-by-enforcement approach, calling it ‘overreaching and misguided.’ Earlier this year, Peirce disagreed with other SEC Commissioners on the agency’s plans to level enforcement actions against NFT projects.
Mark Uyeda
Like Peirce, Mark Uyeda is an SEC Commissioner from the Republican Party. Variant Fund Chief Legal Officer Jake Chervinsky has pitched him as another potential Gensler’s replacement. In a tweet, the legal expert said he doesn’t think Peirce wants the job. Therefore, Trump may consider Uyeda, who seems interested.
Dan Gallagher
Cantor Fitzgerald Chairman Howard Lutnick, who’s co-chairing Trump’s transition team, believes Daniel Gallagher, Chief Legal Officer at Robinhood, would be a perfect replacement for Gensler.
Similarly, blockchain company Ripple Labs has also urged Trump to name Gallagher the next SEC Chair.
It is noteworthy that Gallagher served as an SEC Commissioner during Barack Obama’s administration from 2011 to 2015. Moreover, the legal expert appeared before Congress in June and told lawmakers that the absence of a clear regulatory framework was hindering crypto progress in the United States.
While several crypto enthusiasts have touted Gallagher as the right candidate for the SEC Chair, he does not want the position. Earlier this month, he released a statement saying he didn’t want to go back to the SEC.
Chris Giancarlo
Known as ‘Crypto Dad,’ Chris Giancarlo showed his commitment to crypto while serving as the Chair of the US Commodity Futures Trading Commission (CFTC) between 2017 and 2019. He’s now a senior counsel at Willkie Farr & Gallagher law firm in New York.
Under his leadership, Bitcoin futures were approved and started trading on the Chicago Mercantile Exchange. Additionally, the CFTC adopted a less stringent approach to crypto in an effort to promote its growth.
However, Giancarlo has said he is not looking to become the SEC Chair. In early November, he said on X that he wasn’t willing to clear up Gensler’s mess again after doing so at the CFTC when he took over from him.
Brian Brooks
Former Coinbase Chief Legal Officer Brian Brooks is another potential Gensler’s replacement. Previously served as Binance.US CEO, Brooks is believed to be eyeing the SEC Chair, according to Stark.
When Trump won the elections, he said the victory marked the end of SEC’s war on blockchain-based companies. Notably, the two firms he has previously worked at have ongoing lawsuits with the agency, which accuses them of breaching several securities rules.
Teresa Goody Guillen
Former SEC attorney Tere Goody Guillen, who’s now a partner at the BakerHostetler law firm, is considered a potential successor of Gary Gensler. Last week, CoinDesk reported that Trump’s transition team viewed Guillen as the ideal candidate for the SEC Chair.
Since 2022, the legal expert has been advocating for clear regulations, arguing that a lack of guidance from the SEC was slowing down crypto innovations.
