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Two potential SEC chairman candidates for Gary Gensler
Republican potential choices
According to reports, Chris Brummer, a professor at Georgetown University Law School, and Erica Williams, the chair of the Public Company Accounting Oversight Board (PCAOB), are the two most likely potential candidates. It is reported that these two individuals have a more favorable view of cryptocurrencies than Gary Gensler.
Chris Brummer founded a company called Bluprynt this spring, focusing on regulatory compliance for cryptocurrency companies, particularly under the framework of the MiCA cryptocurrency regulation bill in Europe. An insider familiar with Chris Brummer but unsure if he is being considered for the SEC chairman position stated, “In terms of qualifications, Chris Brummer is more suitable for the position than Gary Gensler, and he will propose the biggest peace offering to the cryptocurrency industry on behalf of Hester Peirce’s campaign team.”
As the chair of the PCAOB, Erica Williams primarily works with the SEC to protect investors, overseeing registered audit firms, setting audit standards, and investigating and sanctioning companies that violate these rules and laws.
An insider stated that both Chris Brummer and Erica Williams have progressive financial regulatory visions and will support cryptocurrency legislation, but they will also rigorously pursue illegal activities in this field. They also added that both individuals are known for their amiable work attitudes, in sharp contrast to Gary Gensler, who is considered difficult to work with by many subordinates.
However, Unchained also emphasized in the report that Hester Peirce has not publicly or privately promised to replace Gary Gensler, and it is uncertain whether she is seriously considering this issue. An insider stated, “It is currently unclear who the front-runner is. Hester Peirce’s campaign team is concerned that being too proactive in supporting cryptocurrencies before the election will cost her votes from progressive voters who consider cryptocurrencies to be a ‘scam,’ rather than winning over new swing state voters.”
A spokesperson for Hester Peirce’s campaign team also stated, “The transition team will not make any personnel appointments before the election. Our current focus is on building the necessary infrastructure to be prepared.”
On the other hand, Republican candidate Donald Trump previously promised that if elected, he would dismiss the SEC chairman on his first day in office. Reports suggest that Dan Gallagher, General Counsel for Robinhood, is the best candidate for the Republican appointment as the next SEC chairman.
Dan Gallagher’s background makes him sufficiently qualified for this position. He served as a Republican member of the Securities and Exchange Commission during the Obama administration and was an advisor to several Republican appointees during the Bush presidency. Currently, he leads some cryptocurrency projects at Robinhood amidst regulatory headwinds.
When asked to comment, Dan Gallagher stated, “I am honored to have my name mentioned in discussions about who could be the next SEC chairman. I care deeply about the institution, and my expectation for any new SEC chairman is that they will facilitate market access and ensure that the United States remains at the forefront of financial innovation.”
Although it is currently unclear whether the president has legal authority to directly “dismiss” the SEC chairman, there is a widespread legal consensus that the president can demote the chairman to a commissioner. Historically, when a new president takes office, the chairman usually resigns voluntarily, and many believe that the former chairman is unlikely to choose to remain in a less powerful commissioner position.
