Original source: Cointelegraph

Translation: Odaily Planet Daily (@OdailyChina)

Translator: Wenser (@wenser2010)

Editor’s note: The voting activities for the U.S. presidential election are in full swing (Latest news: Voting statistics for the seven swing states in the U.S. will be announced by around noon on November 6), and the key position of SEC chair has once again become a focal point for the cryptocurrency industry.

Considering the current political situation in the U.S. and past popular candidates, Cointelegraph has selected eight potential candidates who may succeed the current SEC chair Gary Gensler. Odaily Planet Daily will summarize this article, with some content edited for reader reference.

Eight popular candidates compete for the next SEC chair position

Currently, the next SEC chair candidate remains undecided, with eight individuals potentially taking on this key position. On April 17, 2021, U.S. President Biden appointed Gary Gensler as the chair of the Securities and Exchange Commission (SEC), and according to customary practice, his term will last until January 5, 2026. However, due to Gensler's previous direct intervention in the U.S. cryptocurrency industry and his high-pressure measures lacking clear regulatory guidelines, he is at risk of losing his position.

Former U.S. President and Republican presidential candidate Donald Trump has previously stated at the 2024 Nashville Bitcoin Conference that if elected, he would fire Gary Gensler on his "first day in office."

Of course, the U.S. president has the authority to dismiss Gensler, but it is not an easy task. If Trump wants to do this, he must provide justifiable reasons for the dismissal, such as Gensler's negligence, inefficiency, or other forms of misconduct, and determining specific reasons, conducting legal reviews, and administrative transitions may take more than a year.

If Trump is elected as the U.S. president in 2024, he may have to work with Gensler for a period before the new SEC chair takes office. Of course, if that happens, Gensler's resignation would not be surprising, but it entirely depends on Gensler himself.

On the Democratic side, Vice President and presidential candidate Kamala Harris has not officially stated her position on the SEC chair role, but there are indications that the position may change to allow for a shift in regulatory direction. Billionaire Mark Cuban claims to have had close contact with Harris's team, telling the media that Harris tends to favor "clear regulatory rules" and opposes "regulation through litigation." He believes that if Harris is elected, she may dismiss Gensler. He bluntly stated, "I think the obvious question is, given his low public approval ratings, I suspect he will resign voluntarily."

As of now, Gensler's potential successor remains uncertain, with Republicans generally favoring innovation and less restrictive regulatory approaches, while Democrats tend to favor stricter regulations and investor protection. The appointment of the SEC chair may set the tone for future cryptocurrency regulation, and the industry is highly concerned about the question of "what the new SEC chair's initial actions will be."

So, the focus shifts to—who will succeed Gensler, and what attitude will they take towards the cryptocurrency industry?

1. Hester Peirce—The "Crypto Mom" the industry hopes for; Probability: Low

SEC Commissioner Hester Peirce is considered one of the strong contenders to succeed Gensler. Given her potential to implement comprehensive crypto-friendly regulatory policies as SEC chair, combined with Trump's clear support for cryptocurrencies, these factors make her one of the most ideal candidates.

Peirce studied financial market regulation at George Mason University and served as an advisor to government departments such as the Senate Banking, Housing, and Urban Affairs Committee. She was also a lawyer in the SEC's Investment Management Division and a partner at WilmerHale law firm. After being nominated by former President Obama as an SEC commissioner in 2018, she officially joined the SEC.

She may be the most welcomed regulator among cryptocurrency supporters, with many referring to her as the "Crypto Mom."

Previously, she has criticized Gensler's aggressive stance towards the cryptocurrency industry multiple times: the most recent instance occurred on September 16 of this year, where she and Commissioner Mark Uyeda wrote in a dissenting opinion on a cryptocurrency case: "It is a significant mistake to let cryptocurrency issues fall into endless misguidance and overreach, and this mistake continues."

Her public support for the crypto industry and criticism of the SEC's regulatory methods have led many members of the cryptocurrency community to hope that Trump will choose her to succeed Gensler.

However, she is unlikely to become SEC chair, as she has previously stated to industry media that she does not plan to stay at the SEC after her term ends in 2025.

2. Chris Giancarlo: The "Crypto Dad" of Bitcoin Futures; Probability: High

As a lawyer and former chair of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo is popularly referred to as the "Crypto Dad" due to his popularity in the cryptocurrency industry. Later, he accepted this nickname in his book "Crypto Dad: The Fight for the Future of Money." According to a previous report by Politico, many in the U.S. industry lobbying firms consider Giancarlo a strong contender for SEC chair.

During Trump's presidency, he approved the trading of Bitcoin futures contracts while serving as CFTC chair, which was one of the necessary steps for the approval of Bitcoin spot ETFs.

Currently, Giancarlo is a senior advisor and co-chair of the digital practice at Willkie Farr and Gallagher law firm, while also holding other positions in various organizations. Meanwhile, he is the founder and director of the "Digital Dollar Project," which aims to explore methods for "dollarization."

Additionally, his resume in the financial and digital asset fields includes serving as a board member and advisor at the U.S. Financial Exchange, the Digital Chamber of Commerce, and Nomura Holdings, among other positions.

3. Chris Brummer: The Moderate Choice for Democrats; Probability: High

If Harris becomes the next U.S. president, Chris Brummer may become an important part of her administration.

Brummer has multiple connections to the Democratic Party—Obama nominated him to head the CFTC in 2016, but Trump later withdrew that nomination; during the Biden administration, he became a popular candidate for CFTC chair; Brummer is also one of the volunteers on Biden's Treasury Regulatory Transition Team.

Anderson P.C. law firm believes that if he is appointed as SEC chair, it may signal a more moderate regulatory approach towards cryptocurrencies, with a focus on establishing clear guidelines rather than stifling innovation.

Brummer has some experience in cryptocurrency regulation. On May 16 of this year, he founded a company focused on regulatory compliance for cryptocurrency companies (especially focusing on ensuring that crypto project white papers comply with EU cryptocurrency regulations) called Bluprynt.

A source familiar with Brummer believes he "is more qualified than Gary Gensler to be SEC chair" and stated that this could be "the maximum peaceful resolution towards cryptocurrencies that Harris's campaign team can propose."

4. Paul Atkins: SEC Commissioner with Ties to Bush and Trump; Probability: Low

According to CNBC, former SEC Commissioner Paul Atkins from the George W. Bush administration has become a potential candidate for SEC chair within Trump's team.

As an SEC commissioner during the Bush administration, he was known for opposing "imposing hefty fines on companies violating securities laws"; previously, he had expressed opposition to the Dodd-Frank Act, which strengthened federal regulatory powers after the 2008 financial crisis.

Atkins played a key role in Trump's political transition team after his election in 2016, significantly influencing Trump's laissez-faire attitude towards financial regulation.

Currently, Atkins still serves in his consulting firm Patomak Global Partners, which he founded in 2009. Meanwhile, since 2017, he has also served as co-chair of the Token Alliance, an industry association advocating for digital assets and blockchain.

5. Erica Williams: A Neutral Candidate from the Harris Faction; Probability: Medium

In terms of collaboration with the SEC, Erica Williams, chair of the Public Company Accounting Oversight Board (PCAOB), has extensive experience.

She has held several important positions in government, including serving as the deputy chief of staff for three SEC chairs, special assistant and advisor on financial and economic policy during the Obama administration, and a litigation partner at Kirkland and Ellis law firm before joining the PCAOB.

During her leadership of the PCAOB, the board imposed a record $25 million fine on "KPMG Netherlands for cheating in internal training programs" and a $900,000 fine on "Deloitte's Columbia branch for quality management violations," with the total fines for the department exceeding $20 million in 2023.

Although Erica has not made any significant statements regarding the cryptocurrency industry, during her tenure, the PCAOB established an investigative team focused on emerging audit risks, including those related to cryptocurrencies. Previously, Erica faced criticism for overlooking deficiencies before the collapse of FTX at the end of 2022. Regarding this matter, she clarified at a November 2022 meeting that "the PCAOB's jurisdiction is limited to the audit management of publicly traded companies and broker-dealers."

An insider revealed that Erica has a strong interest in advancing financial regulation, which may indicate her support for cryptocurrency legislation while actively pursuing illegal activities in the cryptocurrency sector.

6. Heath Tarbert: Active CFTC Chair; Probability: Low

According to a previous report by CNBC, Heath Tarbert's experience as CFTC chair from 2019 to January 2021 makes him a potential candidate for the next SEC chair. Under his leadership, the CFTC set multiple industry records, including a historic number of cases processed in a single fiscal year.

Tarbert has worked in several federal government departments, including the White House, the Department of Justice, and the Department of the Treasury, and has extensive political experience. Of course, he became embroiled in significant controversy—just 27 days after leaving the CFTC, he was hired by Citadel Securities as chief legal officer, sparking criticism of the so-called "revolving door phenomenon" of moving from public service to private companies.

Currently, Tarbert is the chief legal officer and head of corporate affairs at Circle, the issuer of the stablecoin USDC.

7. Robert Stebbins: Advisor with Close Ties to Trump's SEC Chair; Probability: Medium

According to Politico, several industry experts are considering Robert Stebbins as a potential candidate for the SEC chair position.

Stebbins worked at Willkie Farr and Gallagher from 1993 to 2017 before joining the SEC as chief legal officer.

According to information from the Willkie website, during his tenure as SEC General Counsel, Stebbins played a key role in up to 85 rulemakings, hundreds of staff appointments, the issuance of interpretive releases, and oversight of more than 2,750 enforcement actions. When Trump's former law school classmate, SEC chair Jay Clayton, took office in 2017, he assisted in forming the latter's subordinate team. (Odaily Planet Daily note: For more information about Clayton, see the previous article "SEC 'generated' $4.7 billion in 2024, is the cryptocurrency industry a 'cash cow'?")

Additionally, Stebbins has collaborated with financial giant Morgan Stanley on several significant transactions, including the $27.8 billion "Amgen acquisition of Horizon Therapeutics" and the proposed merger between "Allergan and Pfizer." He was also involved in the bidding for Fiat Chrysler's acquisition of a majority stake in Chrysler in the early 2010s.

8. Dan Gallagher: Critic of the Federal Reserve; Probability: Low

Dan Gallagher, chief legal officer of financial trading company Robinhood, is exceptionally familiar with the SEC—during the Obama administration, from 2011 to 2015, he served as a Republican committee member and held several positions within the agency.

In the late 2000s (around 2010), Gallagher played a significant role in the SEC's Trading and Markets Division, serving on the committee during the Lehman Brothers liquidation process and addressing a series of challenges during the financial crisis.

He is known for his highly controversial dissenting opinions and has been critical of the Federal Reserve and the "Dodd-Frank Act." He has also advocated for a comprehensive review of trading practices in the U.S. stock market.

It is worth noting that Gallagher may face some potential obstacles to becoming a candidate. The Democratic Party typically takes a cautious approach when appointing industry leaders to regulatory positions, and Robinhood's past controversies—such as the decision to suspend trading of GameStop stock during the 2021 "Meme stock frenzy"—could affect his candidacy.

It remains uncertain whether Gallagher would be willing to leave Robinhood to take on an SEC position. He joined the company's board in October 2019 and became chief legal officer in May 2020; he told the media that he enjoys his current position and is honored to be considered a potential candidate for the next SEC chair.

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