Author:DANIEL RAMIREZ-ESCUDERO
Compiled by: Wenser, Odaily Planet Daily
Editor's note: The US presidential election voting activities are in full swing (latest news: the voting data of the 7 swing states in the US election will be announced around 12 noon on November 6), and the key position of the US SEC chairman has once again become the focus of attention in the cryptocurrency industry.
Based on the political situation in the US and the popular candidates in the past, Cointelegraph has screened out 8 popular candidates, and the "next US SEC chairman" may emerge from these people to replace the current US SEC chairman Gary Gensler. Odaily Planet Daily will summarize and compile this in the article, with some content deleted and edited for readers' reference.
8 hot candidates participate in the competition, the battle for the next US SEC chairman position
Currently, the candidate for the next SEC chairman is still undecided, with 8 people who may take over this key position. On April 17, 2021, the current US President Biden appointed Gary Gensler as the chairman of the Securities and Exchange Commission (SEC), and according to the usual practice of his term of office, it will continue until January 5, 2026. However, due to Gensler's direct intervention in the US cryptocurrency industry in the past, as well as his high-pressure measures without clear regulatory guidance principles, he is likely to "lose his official hat".
Former US President and Republican presidential candidate Trump had previously stated clearly at the 2024 Nashville Bitcoin Conference that if elected, he would fire Gary Gensler on "the first day of his term".
Of course, the US President has the power to dismiss Gensler, but this is not an easy task. If Trump wants to do this, he must provide a legitimate reason for dismissal, such as Gensler's dereliction of duty, inefficiency, or other forms of malfeasance, and determining the specific reasons, conducting legal reviews, and administrative transitions may take more than a year.
If Trump is elected as the US President in 2024, he may have to work with Gensler for a period of time before the new SEC chairman takes office. Of course, in this case, Gensler's resignation would not be unexpected, but this depends entirely on Gensler himself.
On the Democratic side, Vice President and presidential candidate Kamala Harris has not yet officially stated her position on the SEC chairman position, but there are signs that this position may change in order to leave room for a shift in regulatory direction. Billionaire Mark Cuban claimed to have had close contact with Harris' team, and he told the media that Harris tends to favor "clear regulatory rules" and opposes "regulating through litigation". He believes that if Harris is elected, Gensler may be dismissed. He bluntly said: "I suspect, given his relatively low public approval rating, that he would voluntarily step down."
So far, Gensler's potential successors are still uncertain, with Republicans generally favoring a more innovative and less restrictive regulatory approach, while Democrats generally favoring stricter regulation and investor protection. The appointment of the US SEC chairman may set the tone for future cryptocurrency regulation, and the industry is also highly concerned about "what the 'new official's first three moves' will be for the next SEC chairman".
So the focus of the topic becomes - who will take over Gensler's position, and what attitude will they take towards the cryptocurrency industry?
1. Hester Peirce - the "Crypto Mom" expected by the industry; Possibility: Low
SEC Commissioner Hester Peirce is considered one of the potential strong contenders to succeed Gensler. Given that she is likely to implement a comprehensive crypto-friendly regulatory policy as SEC chairman, and Trump's clear support for cryptocurrencies, these factors make her one of the most ideal candidates.
Peirce has researched financial market regulation at George Mason University and served as an advisor to government departments such as the Senate Banking, Housing and Urban Affairs Committee. She was also a lawyer in the SEC's Investment Management Division and a partner at the WilmerHale law firm. In 2018, former President Obama nominated her to the SEC, and she officially joined the SEC.
She is likely the most welcome regulator among cryptocurrency supporters, with many calling her the "Crypto Mom".
Previously, she has repeatedly criticized Gensler's aggressive attitude towards the cryptocurrency industry: the latest incident was on September 16 this year, when she and Commissioner Mark Uyeda wrote in a dissenting opinion on a cryptocurrency case that "it is a serious mistake to continue to mislead and over-intervene in cryptocurrency issues, and this mistake is still ongoing."
Her public support for the cryptocurrency industry and criticism of the SEC's regulatory methods have led many members of the cryptocurrency community to hope that Trump's election will choose her to replace Gensler.
However, she is unlikely to become the SEC chairman, as she has previously told industry media that she does not intend to remain at the SEC after her term ends in 2025.
2. Chris Giancarlo: The "Crypto Dad" of Bitcoin Futures; Possibility: High
As a lawyer and former chairman of the US Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo has been nicknamed the "Crypto Dad" for his popularity in the cryptocurrency industry. Later, he embraced this nickname in his book "Crypto Dad: The Fight for the Future of Money". According to a previous report by Politico, many in the US industry lobbying companies believe Giancarlo is a strong contender for the SEC chairman position.
During his tenure as CFTC chairman under the Trump administration, he approved the trading of Bitcoin futures contracts, which was one of the necessary steps before the approval of Bitcoin spot ETFs.
Currently, Giancarlo is a senior advisor and co-chair of the digital practice at the law firm Willkie Farr and Gallagher, and holds other positions in various organizations. At the same time, he is the founder and director of the "Digital Dollar Project", which aims to explore methods for "dollarization".
In addition, his resume in finance and digital assets also includes serving as a board member and advisor for US financial exchanges, the Digital Chamber, and Nomura Holdings.
3. Chris Brummer: The moderate choice of the Democratic Party; Possibility: High
If Harris becomes the next US President, Chris Brummer may become an important part of her government.
Brummer has multiple connections with the Democratic Party - Obama nominated him to lead the CFTC in 2016, but Trump later withdrew the nomination; during the Biden administration, he was a volunteer on the financial regulatory transition team for the Biden government.
Anderson P.C. believes that if he is appointed as the SEC chairman, it may indicate that the US government will take a more peaceful regulatory approach to cryptocurrencies, with the focus shifting to formulating clear guidelines rather than stifling innovation.
Brummer has some experience in cryptocurrency regulation. On May 16 this year, he founded a company focused on regulatory compliance for cryptocurrency companies, especially ensuring that cryptocurrency project whitepapers comply with EU cryptocurrency regulations, called Bluprynt.
A source familiar with Brummer believes that he "is more qualified to be the SEC chairman than Gary Gensler", and said this could be "the most peaceful resolution the Harris campaign team can offer on cryptocurrency".
4. Paul Atkins: The SEC Commissioner with connections to Bush and Trump; Possibility: Low
According to CNBC, Paul Atkins, a former SEC Commissioner during the George W. Bush administration, has become one of the potential candidates for SEC chairman in Trump's team.
As an SEC Commissioner during the Bush administration, he was known for opposing "high fines for companies that violate securities laws"; previously, he had opposed the Dodd-Frank Act, which strengthened federal regulatory powers in the aftermath of the 2008 financial crisis.
Atkins played a key role in Trump's political transition team in 2016 after his election as president, playing an important role in influencing Trump's laissez-faire attitude towards financial regulation.
Currently, Atkins is still employed at Patomak Global Partners, the consulting firm he founded in 2009. At the same time, since 2017, he has also served as co-chair of the Token Alliance, an industry association that advocates for the digital asset and blockchain industry.
5. Erica Williams: A neutral candidate from the Harris faction; Probability: Medium
In terms of cooperation with the SEC, Erica Williams, the chair of the Public Company Accounting Oversight Board (PCAOB), has extensive experience.
She has held several important positions in government agencies, including deputy chief of staff to three SEC chairs, special assistant and advisor for financial and economic policy in the Obama administration, and litigation partner at Kirkland and Ellis before joining the PCAOB.
During her tenure as PCAOB chair, the board imposed a record $25 million fine on BDO Netherlands for cheating in an internal training program, and a $900,000 fine on Deloitte Colombia for quality control violations. The department's total fines exceeded $20 million in 2023.
Although Erica herself has not made any obvious statements about the cryptocurrency industry, during her tenure, the PCAOB has established an investigative team focused on emerging audit risks, including those related to cryptocurrencies. Previously, Erica was criticized for ignoring the flaws of FTX before its collapse in late 2022. Regarding this, she clarified in a November 2022 meeting that "PCAOB's jurisdiction is limited to the audit management of publicly listed companies and broker-dealers."
An internal source revealed that Erica has a strong interest in promoting financial regulatory progress, which may mean that she could support cryptocurrency legislation while actively pursuing illegal activities in the cryptocurrency field.
6. Heath Tarbert: An active CFTC chair; Probability: Low
According to a previous CNBC report, Heath Tarbert's experience as CFTC chair from 2019 to January 2021 makes him a potential candidate for the next SEC chair. Under his leadership, the CFTC set multiple industry records, including the highest number of cases handled in a single fiscal year.
Tarbert has extensive experience working in various federal government departments, including the White House, Department of Justice, and Department of the Treasury. Of course, he was once embroiled in a major controversy, as he was hired as chief legal officer by Citadel Securities just 27 days after leaving the CFTC, sparking criticism of the "revolving door" phenomenon from public service to private companies.
Currently, Tarbert is the chief legal officer and head of corporate affairs at Circle, the issuer of the stablecoin USDC.
7. Robert Stebbins: An advisor closely associated with Trump's SEC chair; Probability: Medium
According to Politico, several industry experts are considering the potential for Robert Stebbins to become the next SEC chair.
Stebbins himself worked at Willkie Farr and Gallagher from 1993 to 2017, before joining the SEC as general counsel.
According to the Willkie company website, during his tenure as SEC general counsel, Stebbins played a key role in up to 85 rulemaking processes, hundreds of staff appointments, the issuance of interpretive guidance, and the oversight of more than 2,750 enforcement actions. When Jay Clayton, Trump's law school classmate and SEC chair during his presidency, took office in 2017, Stebbins assisted him in assembling his team.
In addition, Stebbins has collaborated with financial giant Morgan Stanley on several important transactions, including the $27.8 billion acquisition of Horizon Therapeutics by Amgen and the proposed merger of Allergan and Pfizer. He also participated in Fiat Group's bid to acquire a majority stake in Chrysler in the early 2010s.
8. Dan Gallagher: A critic of the Federal Reserve; Probability: Low
Dan Gallagher, the chief legal officer of financial trading company Robinhood, is exceptionally familiar with the SEC - he served as a Republican commissioner from 2011 to 2015 during the Obama administration, holding various positions within the agency.
In the late 2000s (around 2010), Gallagher played a key role in the SEC's trading and markets division, served on the committee during the Lehman Brothers liquidation process, and began tackling a series of challenges during the financial crisis.
He is known for his highly controversial dissenting views, criticizing the Federal Reserve and the Dodd-Frank Act. He also advocated for a comprehensive review of stock market trading behavior.
It is worth noting that Gallagher's candidacy may face some potential obstacles. The Democratic Party is usually cautious about appointing industry leaders to regulatory positions, and Robinhood's past controversies, such as the decision to suspend GameStop stock trading during the 2021 "meme stock frenzy," may affect his candidacy.
It is currently unclear whether Gallagher is willing to leave Robinhood to take on the SEC position. He joined the company's board of directors in October 2019 and became chief legal officer in May 2020; he has told the media that he enjoys his current position and is honored to be considered a potential candidate for the next SEC chair.
