Trump is expected to announce Gary Gensler’s SEC successor tomorrow, sparking hope for a regulatory shift in the crypto industry.
Paul Atkins, a former SEC Commissioner, is a leading candidate, alongside other notable contenders with pro-crypto stances.
Crypto leaders anticipate improved regulations, focusing on collaboration, transparency, and swift resolution of non-fraud cases under new SEC leadership.
President-elect Donald Trump is expected to reveal the next Chair of the U.S. Securities and Exchange Commission (SEC) as soon as tomorrow, according to FOX Business reporter Eleanor Terrett. With Gary Gensler stepping down in January 2025, the announcement has ignited significant anticipation within the crypto sector. Sources suggest Paul Atkins, a seasoned financial regulator, is a frontrunner, though other candidates remain in contention.
https://twitter.com/EleanorTerrett/status/1863803574121050306
Paul Atkins Emerges as a Leading Candidate
Paul Atkins, a former SEC Commissioner, is reportedly among the top choices for the role. Sources close to Trump’s transition team have indicated that Atkins was interviewed recently. If selected, Atkins would join a list of pro-crypto candidates vying to reshape SEC policies, which have faced criticism under the current administration.
Besides Atkins, other notable contenders include Teresa Goody Guillén, a former SEC official; Dan Gallagher, the Chief Legal Officer at Robinhood; and Brian Brooks, the former Acting Comptroller of the Currency. Each candidate brings distinct experience, reflecting Trump’s effort to diversify options for the critical role.
Resignations Add Momentum to Change
The transition gained urgency following SEC Chair Gary Gensler’s planned resignation on January 20, 2025. Moreover, Commissioner Jaime Lizárraga, another prominent figure within the agency, has announced his departure just days prior, citing personal reasons. These exits have fueled optimism among crypto leaders about a potential shift in the SEC’s approach.
The crypto sector is closely monitoring developments, hoping for a more favorable regulatory landscape. Ripple’s Chief Legal Officer, Stuart Alderoty, has outlined proposals for the incoming leadership. He advocates resolving non-fraud crypto cases swiftly to focus on investor protection, strengthening transparency, and improving collaboration with Congress and other regulators.
Consequently, the prospect of new leadership has spurred optimism across the crypto industry. Executives anticipate a departure from stringent enforcement actions that have defined recent years, paving the way for balanced regulations. Coinbase and other firms have already signaled intentions to align with a potentially more crypto-friendly SEC.