Author: Zhao Yuhe

Source: Wall Street Journal

Informed sources have revealed to the media that Richard Farley, a partner at Kramer Levin Naftalis & Frankel, and Norm Champ, a partner at Kirkland & Ellis, are candidates to replace Gary Gensler as the chairman of the U.S. Securities and Exchange Commission (SEC).

Additionally, media reports indicate that Robinhood's Chief Legal Officer Dan Gallagher, current SEC Commissioner Mark Uyeda, and former Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert are also among the candidates.

Other sources have informed the media that former SEC Commissioner Paul Atkins and Robert Stebbins, a partner at Willkie Farr & Gallagher, are also under consideration. According to a previous report by Reuters, Atkins served on the Trump transition team in 2016 and was a strong contender for the SEC chair position that year.

Two informed sources told the media that Robinhood's Chief Legal Officer Gallagher is a popular choice among executives in the cryptocurrency industry, who have donated millions of dollars to Trump's Republican campaign. Currently, Gallagher has the highest likelihood of being appointed, but discussions are still ongoing. Trump's press secretary Karoline Leavitt stated in a release: "President-elect Trump will soon begin deciding who will serve in his second administration. These decisions will be announced when made."

Some media outlets have reported that members of President-elect Trump's transition team and other advisors have begun talks with potential candidates following the election on Tuesday. Discussions are ongoing, and it may take weeks to select a candidate.

Whoever it is, will relax regulations

Analysts believe that regardless of Trump's choice, the next SEC head may review the major rules established during Gensler's tenure and seek to reduce regulation in the digital currency industry to align with securities laws.

Gensler was nominated by current President Joe Biden in February 2021 and was sworn in two months later. Gensler's term ends in 2026, but he has stated he will step down when a new Republican administration takes office.

During his campaign, Trump promised to promote the development of cryptocurrencies and reform the SEC to attract funding from the crypto industry. However, Gensler has taken a tough stance on the industry since taking office, claiming it has ignored SEC regulations. Reuters previously reported that crypto companies have been pushing for the election of an SEC chair who can eliminate cumbersome regulatory policies.

Many analysts consider Republican SEC Commissioner and cryptocurrency supporter Hester Peirce a strong candidate for SEC chair, but sources have revealed to the media that she has told some people she does not wish to hold the position.

Although Trump has made few statements on financial policy this time, he has repeatedly promised to cut "burdensome" regulations. Bankers and lobbyists expect the Trump administration to repeal or significantly weaken the Basel Accord, which requires large banks to increase their capital adequacy ratios, as well as reduce restrictions on mergers and acquisitions.

FDIC and Federal Reserve will also be restructured

Additionally, Trump could remove Acting Comptroller of the Currency Michael Hsu from his position on his first day in office, but restructuring the top regulatory positions at the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) may take months.

Among the candidates being considered by Trump's team for senior bank regulatory positions is Federal Reserve Governor Michelle Bowman. She has criticized the capital adequacy increases led by Vice Chair Michael Barr, who is responsible for regulation, and has advocated for loosening bank rules and regulations. Informed sources have told the media that Barr has indicated he intends to serve out his term as vice chair until 2026, and it is unclear whether Trump will attempt to remove Barr early.

Informed sources have also revealed to the media that Travis Hill, the Republican vice chair of the FDIC board and a former lawyer for the Senate Banking Committee, is also on the list of candidates for senior bank regulatory positions. Hill has also opposed the Basel rules. Additionally, Jonathan Gould, a partner at Jones Day who served as Senior Deputy Comptroller and Chief Legal Counsel from 2018 to 2021, is also under consideration.

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