Former Republican presidential candidate Trump has previously promised that if elected, he will replace SEC Chairman Gary Gensler. The question now is whether Democratic presidential candidate Kamala Harris will continue to work with Gary Gensler. It has recently been reported that Harris has identified Georgetown University law professor Chris Brummer and Public Company Accounting Oversight Board (PCAOB) Chairman Erica Williams as potential candidates for SEC chairman. Sources say that these two have a much more favorable attitude towards digital assets than Gary Gensler, which may confirm what Coinbase said about the end of the Biden and Warren era.
(Kamala Harris first mentioned digital assets, Coinbase: The Biden and Warren era is over)
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ToggleGary Gensler out? Kamala Harris spokesperson: No selection before the election
According to reports, Kamala Harris' transition team is reviewing candidates to replace Gary Gensler as SEC chairman. The two potential candidates are Georgetown University law professor Chris Brummer and Public Company Accounting Oversight Board (PCAOB) chairman Erica Williams, who are said to be more crypto-friendly than Gensler. However, it is understood that Kamala Harris has not privately or publicly stated that she will replace Gary Gensler.
A source said: "Kamala Harris' campaign team is concerned that being too aggressive on crypto before the election will lose the progressive vote, as progressives see crypto as a scam and won't win over true swing voters."
Chris Brummer did not respond. The PCAOB spokesperson also declined to comment. However, a spokesperson for the Kamala Harris transition team said: "No personnel selections will be made before the election."
Democratic Party crypto-friendly person, Chris Brummer establishes MiCA compliance service company
Chris Brummer is the academic director of the Institute of Economic Law at Georgetown University, where he has taught since 2009. He has also served as a visiting professor at the University of Pennsylvania Law School and Columbia Law School.
This spring, Chris Brummer founded a company called Bluprynt, which focuses on regulatory compliance for crypto companies, specifically responsible for compliance with the European crypto regulatory framework MiCA.
Chris Brummer was nominated by President Obama in 2016 to be chairman of the Commodity Futures Trading Commission, but his nomination was later withdrawn by Trump. In the next election cycle, he joined the Biden administration's financial regulatory transition team.
PCAOB chairman has not yet discussed crypto positively, reportedly his stance is on the legislative side
PCAOB Chairman Erica Williams has been working with the SEC to protect investors, registering companies that prepare audit reports, setting audit standards, and investigating and disciplining companies that violate these rules and laws.
Although Erica Williams has never discussed crypto positively, under her leadership, PCAOB has set up an inspection team focused on emerging audit risks, including crypto. In the past, Erica Williams has been criticized for overlooking the risks of FTX's collapse in late 2022, which led her to clarify at a November meeting that PCAOB only has jurisdiction over audits of public companies and broker-dealers.
A source said that both sides have a progressive vision for financial regulation and support crypto legislation. Whether it's Kamala Harris or the two SEC candidates, they are both people of color, and these two could become the first non-white SEC chairman, perhaps witnessing history.
