SEC Chair Watch: Trump to Name Gensler’s Replacement December 4

• President-elect Trump’s pick to replace SEC Chair Gary Gensler may be announced on Wednesday, December 4.
• Pro-crypto candidates, including Paul Atkins and Dan Gallagher, are leading contenders for the role.
• The crypto industry expects clearer regulation under the new SEC leadership.

Fox Business correspondent Eleanor Terrett reported that President-elect Donald Trump plans to announce his pick to replace Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC) tomorrow, December 4, 2024. 

This announcement is highly anticipated within the crypto community, as Gensler’s tenure at the SEC has been contentious. His approach, often seen as aggressive, has included filing lawsuits against major crypto players. Notably, Gensler announced his resignation last week, which will take effect on January 25.

Trump’s pick for the new SEC Chair is closely watched by both financial markets and the crypto community. The move is expected to reshape the regulatory landscape, offering clearer guidelines for the crypto industry. Notably, Trump promised to appoint a pro-crypto SEC chairman.

Who Could Be the Next SEC Chair?

Several names have been floated as potential candidates for the role. According to a November report, Trump’s transition team was considering Robinhood’s Chief Legal Officer Dan Gallagher as a possible replacement for Gensler. 

A former SEC commissioner, Gallagher is a pro-crypto lawyer with significant industry favor. Other candidates reportedly under consideration include former SEC Commissioner Paul Atkins, who has also been a vocal advocate for crypto. Meanwhile, Hester Peirce, often referred to as “Crypto Mom,” has dismissed speculation about her interest in the role of SEC Chair.

Pro-crypto lawyer Teresa Goody Guillen, known for her legal experience with the SEC and crypto firms, has also been mentioned as a potential contender. Goody Guillen has defended the industry against the agency, making her a strong candidate with insider knowledge and a track record of crypto advocacy.

Meanwhile, according to a Bloomberg report, former SEC Commissioner Paul Atkins has recently emerged as the leading candidate. Sources indicate that Atkins has gained favor due to his strong support for cryptocurrencies. Fox Business’ Eleanor Terrett confirmed that Atkins is the frontrunner for the position.

The new SEC Chair could bring in the much-needed clarity to crypto regulations. Under Gensler, the SEC pursued aggressive enforcement actions against major crypto companies like Coinbase and Binance. Trump’s choice to appoint a pro-crypto Chair is likely to bring clearer crypto guidelines.