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Who are the popular candidates for SEC Chairman after Gary Gensler steps down on Trump's inauguration day?
The US Securities and Exchange Commission (SEC) announced that Chairman Gary Gensler will step down as SEC Chairman on January 20, 2025, which is also the same day as Donald Trump's inauguration ceremony.
SEC promotes Gensler's encryption enforcement action
According to the official press release, the 33rd Chairman Gary Gensler will step down from the committee position on January 20, 2025. Gensler led the SEC to develop a strong rule-making agenda to enhance the efficiency, flexibility, and integrity of the U.S. capital markets, and oversaw impactful enforcement cases, holding wrongdoers accountable and returning billions of dollars to harmed investors.
The SEC also publicized encryption enforcement actions under Gensler and justified its enforcement actions against cryptocurrency companies: "Under the leadership of Chairman Gensler, the Commission continued the work begun by Chairman Jay Clayton to protect investors in the encryption market. During Gensler's tenure as chairman, the agency filed lawsuits against fraud, fake transactions, illegal registrations, and other misconduct by the Cryptocurrency intermediary. According to the SEC's Office of Inspector General, in the last full fiscal year, 18% of SEC reports, complaints, and referrals were related to cryptocurrency, even though the cryptocurrency market accounted for less than 1% of the U.S. capital markets. The courts all agreed with the Commission's actions to protect investors and rejected all arguments that the SEC cannot enforce the law when securities are suance."
Who is the next chairman candidate of SEC?
During the campaign, Trump embraced the encryption industry and vowed to dismiss the current SEC chairman Gary Gensler. Gensler was nominated by President Biden in 2021 to serve as the 33rd chairman of the U.S. Securities and Exchange Commission, with a term originally scheduled to end in January 2026.
Trump has not announced his nomination for SEC chairman yet, but the next chairman is expected to be more friendly towards the stock market and cryptocurrency. According to Bloomberg's report, the current candidates are:
Kramer Levin Naftalis & Frankel partner Richard Farley
Kirkland & Ellis partner Norm Champ
Robinhood Markets Inc. Legal Counsel Dan Gallagher
Current SEC Commissioner Mark Uyeda
Former Chairman of the Commodity Futures Trading Commission, Heath Tarbert
Former Securities and Exchange Commission (SEC) Commissioner Paul Atkins
Willkie Farr & Gallagher partner Robert Stebbins
In addition, there is also Brian Brooks, previously reported, who was the head of the OCC (Office of the Comptroller of the Currency, an independent banking regulatory agency under the U.S. Department of the Treasury) during Trump's last term. Later, he also served as the CEO of Binance US for four months. After abruptly resigning, he ran to become the CEO of the mining company Bitfury.
(New hope for Trump's inauguration: White House establishes new position on encryption policy, is Brian Brooks a candidate for SEC chairman?)
Regardless of how Trump chooses, the next SEC chairman may carefully review the major rules that are still pending or not yet effective in the Gensler era and seek to reduce regulation of the digital asset industry to comply with securities laws.
This article SEC Chairman Gary Gensler will step down on Trump's inauguration day, who are the popular candidates? First appeared in Chain News ABMedia.