Trump to Name SEC Successor as Early as Tomorrow?
President-elect Donald Trump may announce his choice for the next SEC chair as early as tomorrow, according to reports from FOX Business' Eleanor Terrett.
This anticipated move aligns with Trump's campaign promise to remove Gary Gensler on his first day in office.
🚨NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned 📺.
— Eleanor Terrett (@EleanorTerrett) December 3, 2024
Gensler, who has announced his resignation effective 20 January, leaves a controversial legacy defined by a stringent crackdown on cryptocurrency and a highly aggressive regulatory approach.
Former SEC commissioner Paul Atkins May Be Next in Line
Trump's shortlist for the next SEC chair includes former Commissioner Paul Atkins, Robinhood's Chief Legal Officer Dan Gallagher, Willkie Law Firm Partner Robert Stebbins, and current SEC Commissioner Mark Uyeda.
Paul Atkins is now the frontrunner to become the next SEC chair, with his chances rising to 66%, up from 30% this morning pic.twitter.com/6yIJzz3i72
— Kalshi (@Kalshi) November 27, 2024
The chosen candidate is expected to reshape the SEC's stance on cryptocurrencies, financial markets, and corporate regulation.
Under Gensler's leadership, the SEC became known for its aggressive lawsuits, regulatory scrutiny, and strained relations with industry giants like Coinbase and Binance, accusing them of operating unregistered securities exchanges.
Gensler's push for greater transparency and stricter regulations sparked frustration across Wall Street and even within the SEC itself, where his micromanaging style led to high staff turnover.
Critics, including some lawmakers, labelled him "heavy-handed" and "out of touch."
Trump has made it clear that he intends to take a different approach, emphasizing a pro-crypto stance and a commitment to dismantling bureaucratic barriers to innovation.
A Revolutionary Successor or a Mere Puppet on Strings?
Regardless of whether Trump announces the next SEC chair tomorrow, the individual chosen is expected to adopt a pro-crypto stance, likely rolling back Gensler's stringent crypto regulations and easing financial market restrictions.
📢 Trump expected to name new SEC chair “as soon as tomorrow” https://t.co/OhBqJisPq2
— WOCAF (@Money24_7Money) December 3, 2024
The key question, however, remains: will this new appointee bring their own vision and principles to the role, or will they simply follow the directives of their political benefactor?