Foreign media reported: Potential SEC chairman candidates from Harris's team

Recently, foreign media (Unchained) reported that Democratic presidential candidate Harris's campaign team is evaluating potential candidates to replace the current SEC Chairman Gary Gensler. Sources revealed that Georgetown University Law Center professor Chris Brummer and PCAOB chair Erica Williams are the two most likely candidates. It is reported that both have a more favorable attitude towards cryptocurrency compared to Gary Gensler.

加密監管-SEC主席人選-賀錦麗團隊Image Source: Google Foreign media speculate on Harris's team's candidates for SEC Chairman, namely Chris Brummer (left) and Erica Williams (right).

Chris Brummer founded Bluprynt this spring, a company focused on regulatory compliance for cryptocurrency companies, operating particularly under the framework of the European cryptocurrency regulatory legislation MiCA. A source familiar with Brummer stated: "In terms of qualifications, Brummer is more suited than Gensler to serve as chairman, which would be the biggest olive branch thrown to the cryptocurrency community by Harris's team."

On the other hand, Erica Williams, as the chair of the PCAOB, primarily collaborates with the SEC to protect investors, responsible for registering audit firms, establishing auditing standards, and investigating and punishing violators. Although she has not publicly commented extensively on cryptocurrency, under her leadership, the PCAOB has established inspection teams focused on emerging audit risks, including the cryptocurrency industry.

However, Harris has not publicly or privately committed to replacing Gary Gensler, and a spokesperson for her campaign stated:

"We will not make any personnel decisions before the election; the current focus is on building the necessary infrastructure to be prepared."

Sources also pointed out that Harris's team is concerned that overly enthusiastic support for cryptocurrency before the election might alienate some progressive voters.

Trump's SEC chairman candidates

Republican presidential candidate Trump previously promised during a "Bitcoin conference" that if elected, he would fire the current SEC chairman on his first day in office. According to foreign media (CNBC) and (Politico) reports, Robinhood's Chief Legal Officer Dan Gallagher is seen as a leading candidate from Trump's camp to succeed as SEC Chairman. Gallagher served as an SEC commissioner from 2011 to 2015 and currently works at the well-known online brokerage and cryptocurrency trading platform Robinhood.

Gallagher stated: "I am deeply honored to have my name appear in discussions about who might become the next SEC Chairman." He holds clear opinions on the current direction of the SEC, particularly regarding the cryptocurrency industry. He believes that if he had served as chairman over the past few years, he would have established specific rules for the cryptocurrency industry, providing "at least one foundational registration system" for cryptocurrency exchanges and brokers.

加密監管-SEC主席人選-川普團隊Image Source: Wikipedia Dan Gallagher is seen as a leading candidate from Trump's camp to succeed as SEC Chairman.

Other candidates expected by the crypto community

Additionally, other mentioned potential Republican candidates for SEC Chairman include:

  • Former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo, known as the "Crypto Dad."

  • Current SEC Republican Commissioner Hester Peirce, known as the "Crypto Mom."

  • Heath Tarbert, the successor to the CFTC, is also a well-known supporter of cryptocurrency, like Giancarlo.

  • Paul Atkins has made relatively few explicit statements regarding cryptocurrency, but he has publicly criticized the SEC's excessive regulation of the cryptocurrency industry.

They are all known for their friendly attitudes towards cryptocurrency and have long advocated for clearer and more reasonable regulatory frameworks for cryptocurrency.

加密監管-SEC主席-其他人選Image Source: Google Other SEC chairman candidates, from left to right: J. Christopher Giancarlo, Hester Peirce, Heath Tarbert, and Paul Atkins.

The new chairman's impact on cryptocurrency

Regardless of who ultimately becomes SEC Chairman, the cryptocurrency industry is closely watching the potential impacts of this personnel change. Under Gary Gensler, the SEC has taken a tough regulatory stance on cryptocurrency, repeatedly issuing warnings and fines to well-known companies in the industry. Industry insiders hope that the new chairman will adopt a more open and collaborative attitude to promote the legitimacy and development of the cryptocurrency industry.

However, political considerations remain an important factor. Harris's team is concerned that taking a stance too early could affect the election, while Trump's candidate may face strong opposition from the Democrats. The future regulatory direction of the SEC will largely depend on how the new chairman balances market innovation with investor protection.

Further Reading
SEC Chairman discusses cryptocurrency: "This thing" is unlikely to become "real money"
SEC Chairman reiterates stance! Most cryptocurrencies need regulation, disliking rules doesn't mean there are no rules.
Don't make Crypto Mom unhappy! The SEC should acknowledge early that cryptocurrencies are not securities.

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