President Donald Trump will announce his nominee for the next chairman of the Securities and Exchange Commission (SEC) tomorrow, FOX Business' Eleanor Terrett reports.
This comes as Trump prepares to fulfill a campaign promise: firing Gary Gensler on his first day in office. Gensler, who announced his resignation effective January 20, leaves behind a troubled legacy shaped by his relentless crackdown on cryptocurrencies and his aggressive regulatory agenda.
Former SEC Commissioner Paul Atkins Among Potential Candidates
Trump's short list of candidates includes former Commissioner Paul Atkins, Robinhood Chief Legal Officer Dan Gallagher, Willkie Law Firm Partner Robert Stebbins and current Securities and Exchange Commission Commissioner Mark Uyeda.
Whoever receives this approval will likely change the commission's approach to cryptocurrencies, financial markets, and corporate oversight.
Gensler’s tenure at the SEC has been marked by litigation, regulatory scrutiny and industry frustration. The agency has taken on major companies like Coinbase and Binance, accusing them of operating unregistered securities exchanges.
The fallout isn’t limited to cryptocurrencies. Wall Street executives and industry leaders have clashed with Gensler over his push for transparency and tighter regulation.
His leadership style (which was seen as micromanaging and rigid) also made him enemies within his own agency. High attrition rates among SEC employees were often blamed on his methods. Critics, including some members of Congress, called him “heavy-handed” and “out of touch.” Oh dear!
Trump has wasted no time distancing himself from Gensler’s strategy. The president has repeatedly expressed his desire to create a pro-crypto environment. “We are firing bureaucrats who are stifling innovation,” he said at a rally a few months ago.