Who Might Replace Gary Gensler as SEC Chairman?

As the U.S. presidential election draws closer, speculation intensifies over potential successors for SEC Chair Gary Gensler, who has faced criticism for his strict regulatory stance, especially toward the crypto market.

Gensler, appointed in 2021 by President Joe Biden, has pursued numerous enforcement actions against key players in the industry. The appointment of a new SEC Chair could reshape regulatory policies for cryptocurrencies, creating a potentially more favorable environment for digital assets.

Both major presidential candidates have hinted at replacing Gensler if elected. Former President Donald Trump has pledged to dismiss Gensler, though he might only be able to demote him to commissioner. Speculation on Trump’s choice includes Commissioner Hester Peirce, known as “Crypto Mom” for her opposition to Gensler’s regulatory approach, though Peirce plans to leave the SEC in mid-2025.

Meanwhile, Vice President Kamala Harris’s team is already vetting candidates for the role. Reportedly, frontrunners include Chris Brummer, a Georgetown Law professor with expertise in fintech and financial innovation, and Erica Williams, the PCAOB Chair with a focus on balanced regulatory practices in the digital sector. Both candidates are considered more receptive to the evolving crypto landscape than Gensler.

Other names reportedly in the mix include Brian Brooks, former Acting Comptroller of the Currency; Dan Gallagher, Robinhood’s Chief Legal Officer; and Chris Giancarlo, former CFTC Chair known as “Crypto Dad” for his pro-digital currency stance. Additional potential picks include former SEC Commissioner Paul Atkins, ex-CFTC Chair Heath Tarbert, and regulatory expert Robert Stebbins. The decision could significantly impact the future of cryptocurrency regulations in the U.S.