Original source: Cointelegraph
Compiled by: Odaily Planet Daily (@OdailyChina)
Translator: Wenser (@wenser2010)
8 top candidates vying to be the next SEC chairman
Currently, the next SEC chairman is still pending, with a total of eight people likely to hold this key position. On April 17, 2021, current U.S. President Biden appointed Gary Gensler as Chairman of the Securities and Exchange Commission (SEC). According to the usual practice, his term will last until January 5, 2026. However, due to Gary Gensler’s previous direct intervention in the U.S. cryptocurrency industry and high-pressure measures lacking clear regulatory guidelines, it is likely to be “unsafe”.
Former U.S. President and Republican presidential candidate Trump has previously made it clear at the 2024 Nashville Bitcoin Conference that if elected, he will fire Gary Gensler on "the first day in office."
Of course, the president of the United States has the power to fire Gensler, but it won't be easy. If Trump wants to do this, he must present a valid reason for the dismissal, such as negligence, inefficiency or other forms of malfeasance on Gensler's part, and it may take more than a year to determine the specific reasons, legal review and administrative transition. .
If Trump is elected president of the United States in 2024, he may have to work with Gensler for a while before a new SEC chairman takes office. Of course, if this is the case, Gensler's resignation is not expected, but it is entirely up to Gensler himself.
On the Democratic side, Vice President and presidential candidate Kamala Harris has yet to formally take a position on the SEC chairmanship, but there are signs that the position may change to give room for a shift in regulatory direction. Billionaire Mark Cuban, who claimed to have had close contact with Harris' team, told the media that Harris favored "clear regulatory rules" and opposed "regulation through litigation." He believes that if Harris is elected, Gary Gensler may be dismissed. He said bluntly: "I think the obvious problem is that judging from the low public support rate, I guess he will leave his job voluntarily."
As of now, Gensler's potential successor remains uncertain, with Republicans generally leaning toward supporting innovative, less restrictive regulatory approaches and Democrats generally favoring tighter regulation and protecting investors. The appointment of the chairman of the U.S. SEC is likely to set the tone for future cryptocurrency regulation. The industry is also paying close attention to the issue of "what will the next SEC chairman's new official be?"
So, the focus becomes – who will take Gensler’s place, and what attitude will they take towards the cryptocurrency industry?
1. Hester Peirce - the “crypto godmother” that the industry is looking forward to; likelihood: low
SEC Commissioner Hester Peirce is considered one of the potential contenders to succeed Gensler. The above factors make her one of the most ideal candidates, given her potential to pursue comprehensive crypto-friendly regulatory policies as SEC chair and Trump’s clear pro-crypto stance.
Peirce studied financial markets regulation at George Mason University and served as an advisor to government agencies including the Senate Committee on Banking, Housing, and Urban Affairs. She also was an attorney in the SEC's Investment Management Division and served as a partner at the law firm WilmerHale. In 2018, she officially joined the SEC after former President Obama nominated her as an SEC commissioner.
She is perhaps the most popular regulator among cryptocurrency proponents, with many calling her the “crypto godmother.”
She has repeatedly criticized Gensler’s aggressive stance on the cryptocurrency industry before: most recently on September 16 this year, she and Commissioner Mark Uyeda wrote in a dissent in a cryptocurrency case: “Let cryptocurrency It was a major mistake to get bogged down in endless cases of misdirection and overreach, and it continues.
Her public support of the crypto industry and criticism of the SEC's regulatory approach has led many members of the cryptocurrency community to hope that Trump will choose her to replace Gensler if he is elected.
However, she is unlikely to become SEC chair as she has told industry media that she does not plan to stay with the SEC beyond her term ending in 2025.
“Crypto Godmother” 2. Chris Giancarlo: “Crypto Godfather” of Bitcoin Futures; Likelihood: High
Attorney and former Chairman of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo is nicknamed the “Godfather of Crypto” due to his popularity in the cryptocurrency industry. He later stated in his book (Crypto Godfather: The Battle for the Future of Money) that he accepted the nickname. Giancarlo is considered a strong contender for SEC chairman by many in U.S. industry lobbying firms, Politico previously reported.
While serving as CFTC chairman during the Trump administration, he approved trading in Bitcoin futures contracts, one of the necessary steps before the passage of a Bitcoin spot ETF.
Currently, Giancarlo is a Senior Counsel and Co-Chair of the Digital Work Practice at the law firm Willkie Farr and Gallagher, as well as serving in other roles across multiple organizations. At the same time, he is also the founder and director of the "Digital Dollar Project", which aims to explore methods of "dollar optionization".
In addition, his resume in the financial and digital asset fields includes board member and advisory roles at the American Financial Exchange, the Digital Chamber of Commerce, and Nomura Holdings.
The Godfather of Crypto
3. Chris Brummer: Democratic choice of the middle-of-the-road; Likelihood: High
If Harris becomes the next president of the United States, Chris Brummer could become an important part of her administration.
Brummer has multiple ties to the Democratic Party - Obama nominated him to run the CFTC in 2016, but Trump subsequently withdrew the nomination; during the Biden administration, he became a favorite to chair the CFTC; Brummer was also a member of the Biden administration One of the volunteers on the Fiscal Regulatory Transition Team.
The law firm Anderson PC believes that if he is appointed chairman of the SEC, it may indicate that the U.S. government will take a more moderate regulatory approach to cryptocurrency, and the regulatory focus will shift to establishing clear guidelines rather than stifling innovative factors.
Brummer has some experience in cryptocurrency regulation. On May 16 this year, he founded a company called Bluprynt that focuses on regulatory compliance for cryptocurrency companies (especially focused on ensuring that encryption project white papers comply with EU cryptocurrency regulations).
A source familiar with Brummer believes that he is "more qualified to be SEC chairman than Gary Gensler" and said this may be "the most peaceful resolution on cryptocurrency that the Harris campaign can propose."
"A man more qualified to be SEC chairman than Gary" 4. Paul Atkins: SEC commissioner with ties to Bush and Trump; likelihood: low
Paul Atkins, a former SEC commissioner during the George W. Bush administration, has emerged as one of Trump's team's potential candidates for SEC chairman, according to CNBC.
As an SEC commissioner during the Bush administration, he was known for his opposition to "high fines for companies that violate securities laws"; he had previously opposed the Dodd-Frank Act that strengthened federal regulatory powers after the 2008 financial crisis. ) expressed objection.
Atkins played a key role on Trump's political transition team after he was elected president in 2016 and was instrumental in influencing Trump's laissez-faire approach to financial regulation.
Currently, Atkins remains with Patomak Global Partners, the advisory firm he founded in 2009. At the same time, since 2017, he has also served as co-chairman of Token Alliance, an industry association that supports the digital assets and blockchain industry.
"A man who can influence Trump" 5. Erica Williams: A neutral candidate for Harris' faction; Likelihood: Medium
Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams has extensive experience working with the SEC.
She has held a number of key positions in government—including deputy chief of staff to three SEC chairs, special assistant and advisor on financial and economic policy to the Obama administration, and, before joining the PACOB Commission, a litigation partner at the law firm Kirkland and Ellis. The position of a person.
During his leadership of the PCAOB, the board fined KPMG a record $25 million for cheating on an internal training program and $900,000 for quality management violations at Deloitte Colombia. fines, with the department's 2023 fines totaling more than $20 million.
While Erica herself has not taken an overt stance on the cryptocurrency industry, during her tenure, the PCAOB established an investigative team focused on emerging audit risks, including cryptocurrency-related risks. Erica has previously been criticized for ignoring FTX’s flaws before its collapse in late 2022. Regarding the matter, she clarified at a meeting in November 2022: "The PCAOB's jurisdiction is limited to the management of audits of publicly traded companies and broker-dealers."
An internal source revealed that Erica has a strong interest in promoting progress in financial regulation, which may mean that it may support cryptocurrency legislation while actively pursuing illegal and criminal activities in the cryptocurrency field.
“Pro-Gary Gensler” 6. Heath Tarbert: Active CFTC Chairman; Likelihood: Low
Heath Tarbert's experience as CFTC chairman from 2019 to January 2021 makes him one of the potential candidates to become the next SEC chairman, according to a previous report by CNBC. Under his leadership, the CFTC set multiple industry records, including a record number of cases handled in a single fiscal year.
Tarbert has worked in various federal government departments including the White House, Department of Justice, and Treasury Department, and has extensive experience in politics. Of course, he was once involved in huge controversy - because only 27 days after leaving the CFTC, he was hired as the chief legal officer of Citadel Securities, triggering the so-called "revolving door phenomenon" "from public service to private company work" criticize.
Currently, Tarbert is the chief legal officer and head of corporate affairs at Circle Inc., the issuer of stablecoin USDC.
The "revolving door pusher" who takes everything from government to business 7. Robert Stebbins: Advisor close to Trump's SEC Chairman; Possibility: Medium
According to Politico , multiple industry experts are considering Robert Stebbins for a potential SEC chairmanship.
Stebbins himself worked at Willkie Farr and Gallagher from 1993 to 2017, when he joined the SEC as chief legal officer.
During his tenure as SEC general counsel, Stebbins played a key role in as many as 85 rulemakings, hundreds of staff appointments, issuance of interpretative bills and oversight of more than 2,750 enforcement actions, according to Willkie's website. When Jay Clayton, Trump’s former law school classmate and SEC chairman during the president’s term, took office in 2017, he helped form his team.
In addition, Stebbins has also collaborated with financial giant Morgan Stanley on a number of important transactions, including the $27.8 billion Amgen acquisition of Horizon Therapeutics and the acquisition of Allergan and Pfizer. "Proposed Merger". He was also involved in Fiat Group's bid to acquire a majority stake in Chrysler AG in the early 2010s.
"One of the Trump faction figures" 8. Dan Gallagher: Fed critic; Likelihood: Low
Dan Gallagher, chief legal officer of financial trading firm Robinhood, is familiar with SEC anomalies — he served as a Republican committee member during the former Obama administration, from 2011 to 2015, and held various roles at the agency.
Gallagher played an important role in the SEC's Trading and Markets Division in the late 2000s (towards 2010), served on the committee during the liquidation of banking giant Lehman Brothers, and became involved in the response to the financial crisis. Series of challenges.
He is known for his controversial dissent and criticism of the Fed and the Dodd-Frank Act. He also advocates a comprehensive review of U.S. stock market trading practices.
It is worth mentioning that Gallagher still faces some possible obstacles to becoming a candidate. Democrats are typically wary of appointing industry leaders to regulatory roles, and Robinhood's past controversies — such as the decision to suspend trading in GameStop stock during the 2021 "meme stock frenzy" — could hurt its candidacy.
It remains undecided whether Gallagher will leave Robinhood for the SEC position. He joined the company's board of directors in October 2019 and served as chief legal officer in May 2020; he has told the media that he enjoys his current position and is honored to be included as a potential candidate to be the next SEC chairman.
"Onlookers from the crypto industry"
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