Here Are Potential Candidates to Replace Gary Gensler as SEC Chair
Crypto critic Gary Gensler, who has been serving as the Chair of the US Securities and Exchange Commission (SEC) since April 2021, is set to step down on January 20 as Donald Trump assumes office.
His departure was expected to happen soon in one way or another, given that Trump had promised the crypto community that he would fire him immediately after going back to the White House.
The president-elect and crypto players have constantly blamed Gensler for running an anti-crypto crusade, which has blocked the development of the blockchain industry. Now, many expect Trump to appoint a crypto-friendly SEC Chair who will abandon the commission’s law-by-enforcement approach and offer clear guidance to crypto players.
Several potential candidates to replace Gensler are already being discussed within the crypto community. Here are some of the suggested names:
Hester Peirce
Also known as ‘Crypto Mom,’ Hester Peirce is currently serving as the SEC Commissioner. She is a big supporter of the blockchain sector, as evidenced by her previous stance, in which she disagreed with Gensler’s move to sue NFT projects earlier this year, calling it ‘misguided.’
In addition, Peirce has been against the SEC’s approach to crypto. She has constantly advocated for clear regulatory guidance rather than enforcement actions. For this reason, SEC’s ex-enforcement lawyer John Stark believes Peirce could be an ideal pick to replace Gensler.
Mark Uyeda
Hester Peirce’s Republican colleague Mark Uyeda, who became SEC Commissioner in 2022, is another potential contender for the SEC Chair. Variant Fund Senior Legal Officer Jake Chervinsky said on November 6 that Uyeda was more likely to replace Gensler, claiming that Peirce may not be interested in the job.
As of this writing, neither Peirce nor Uyeda have expressed their desire to occupy the top SEC seat.
Dan Gallagher
The CEO of Cantor Fitzgerald, Howard Lutnick, wants Trump to consider someone outside the SEC to lead the agency. What’s more, he believes Chief Legal Officer at the Robinhood stock exchange, Dan Gallagher, could be the right pick. Notably, Gallagher served a four-year term as an SEC Commissioner from 2011.
As a legal expert at Robinhood, Gallagher has been calling for regulatory clarity. Earlier this year, he appeared before Congress and explained how an unclear rulebook hindered crypto progress in the US.
Alongside Lutnick, Ripple Labs boss Brad Garlinghouse also thinks Gallagher can do a great job as an SEC Chairman. But there is one problem: their ideal candidate doesn’t want to take over from Gensler. Last week, Gallagher said in a tweet that he didn’t want Trump to consider him for that position.
Chris Giancarlo
Like Peirce, Giancarlo has a nickname: crypto enthusiasts refer to him as ‘Crypto Dad.’ His friendly approach to digital currencies while serving as the Chair of the US Commodity Futures Trading Commission (CFTC) was adored by many.
During his time at the agency, Giancarlo saw the approval of Bitcoin futures and adopted a ‘Do No Harm’ regulatory approach to crypto. He’s now serving as a Senior Legal Officer at Willkie, where he seems happy based on his recent tweet in which he said he wasn’t looking to ‘clear up Gensler’s mess at SEC.’
Brian Brooks
Coinbase’s ex-chief Legal Officer and former Binance.US boss Brian Brooks has been touted as another possible replacement for the incumbent SEC Chair. Notably, his two former employers have ongoing regulatory battles with the SEC.
Brooks has urged the Gensler-led agency to end its war on crypto several times and believes that Trump’s administration will bring it to an end.
Teresa Goody Guillen
Former SEC lawyer Teresa Goody Guillen is increasingly becoming the favorite candidate for the SEC Chair position within Trump’s transition team, according to CoinDesk’s recent report. Guillen, now a legal expert at the BakerHostetler law firm, said in 2022 that the SEC’s regulatory framework for crypto invited confusion on the part of industry players. Therefore, there was a need for a clearer rulebook.
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