The President-elect of the United States is reportedly considering choosing Wall Street lawyer Richard Farley to replace Gary Gensler as Chairman of the Securities and Exchange Commission (SEC).
The consideration for choosing Farley is because Trump wants to increase SEC enforcement of the crypto industry. This plan is also an answer to his campaign promise which said that he would immediately fire Gensler if he won the 2024 US presidential election.
It is known that Farley has experience in representing some of the world's largest banks in large financing transactions, including Goldman Sachs, Credit Suisse, and UBS. Not only that, he is also experienced in handling financial services companies, one of which is Cantor Fitzgerald.
Even so, Trump also has other candidates who will fill this position, namely Former SEC Commissioner Paul Atkins and Robinhood CLO Dan Gallagher. Who will Trump choose to lead the SEC?
