Speculation continues to mount over who will be the next chair of the U.S. Securities and Exchange Commission, a decision that could significantly shape the future of digital asset regulation.
According to multiple news reports, four names have consistently been on the list: former SEC Commissioner and Robinhood Chief Legal Officer Dan Gallagher, former SEC Commissioner Paul Atkins, partner at Willkie Farr & Gallagher Robert Stebbins and partner at Paul Hastings Brad Bondi. Other names have also been floated.
The Block reached out to all four contenders for updates on the race to become the next SEC chair.
As of Tuesday morning, a source familiar with SEC chairmanship discussions indicated that Robert Stebbins is on the "short list," though the Trump team has yet to make a final decision. Stebbins previously served as the SEC's general counsel.
A spokesperson for Trump said that decisions will be announced as they are finalized.
“President-Elect Trump is making decisions on who will serve in his second Administration. Those decisions will continue to be announced by him when they are made," said Karoline Leavitt, Trump-Vance transition spokesperson in an emailed statement.
The next SEC chair will play a pivotal role in shaping the future of crypto regulation. Under current Chair Gary Gensler, the agency has taken a hardline approach, bringing charges against major industry players like Coinbase, OpenSea and Kraken. Gensler has maintained that most cryptocurrencies qualify as securities and has urged crypto firms to register with the SEC.
Meanwhile, President-elect Trump has said he would fire Gensler. Sources have said Gensler would likely step down as other chairs have done in the past, but he could decide to stay on as a commissioner at the SEC.
According to bettors on the predictions market Kalshi, former Binance.US CEO Brian Brooks leads the race for the next SEC chair with a 40% chance, followed by Dan Gallagher at 29% and Robert Stebbins at 10%. Brooks did not respond to a request for comment.
The crypto industry has strong opinions on who should—and shouldn't—be the next SEC chair.
Ripple CEO Brad Garlinghouse said the next SEC chair should be former Commodity and Futures Trading Commission Chair Chris Giancarlo, Brooks or Gallagher, in a post on X shortly after Trump was elected. However, Giancarlo has since indicated he is not interested in the SEC chairmanship.
"As for reports that I’m in mix to run @SECGov, I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess @CFTC and don’t want to have do it again," Giancarlo said in a post on X on Nov. 14.
Former SEC enforcement lead John Reed Stark detailed his thoughts in a post on X on Nov. 16. Atkins and Gallagher were both good to work with and would take a "similarily cautious and thoughtful approach to crypto," Stark said. Bondi would also be, like Gallagher and Atkins, "one of the most qualified and effective SEC nominees in history."
"... I am on the record as being vehemently anti-crypto and Brad probably has the exact opposite position — but in this instance, I truly don’t care," Stark said. "Brad will transform the SEC from a vilified schoolyard bully into a respected, reflective and crypto-industry friendly institution -- though he will be "'tough but fair.'"
Stark said he was less familiar with Stebbins but suggested the crypto industry might oppose his appointment as SEC chair, citing his role as general counsel during key crypto enforcement actions.
Any new SEC chair needs to have a deep understanding of crypto, said Ashley Ebersole, general counsel at 0x Labs and former SEC lawyer in an emailed statement.
"The past 4 years of the SEC’s misguided approach have been disastrous for US leadership in the crypto industry, and we need an SEC chair who avoids more of the same," Ebersole said. "To assure this, we need a nominee who has known views on this topic, not just someone who’s got a good personality and will 'figure it out' as they go."
The SEC chair will be the "most critical position for crypto" that Trump will select, said Blockchain Association CEO Kristin Smith in a post on X on Tuesday.
"The chair must be a known quantity committed to undoing the damage of the last 4 years, have expertise on crypto–and share Trump’s vision of making the US the crypto capital of the world," Smith said.
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