Who will be the new chair of the U.S. SEC after Gary Gensler?
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Who will be the new chair of the U.S. SEC after Gary Gensler?
Among the eight candidates, the "Crypto Mom" has no interest in the SEC chair position, while the "Crypto Dad" is temporarily leading.
Navigating Web3 tides with focused insightsTranslation: Wenser, Odaily Planet Daily
Editor's note: The U.S. presidential election is underway (latest update: voting results from seven swing states are expected to be finalized by around noon on November 6). The position of Chair of the U.S. Securities and Exchange Commission (SEC) has once again become a focal point for the cryptocurrency industry.
Considering the current political landscape and past frontrunners, Cointelegraph has identified eight potential candidates who could succeed current SEC Chair Gary Gensler. This article by Odaily Planet Daily summarizes and compiles the report, with some modifications for reader reference.
The Race for the Next SEC Chair: Eight Top Contenders
Currently, the identity of the next SEC chair remains uncertain, with eight individuals potentially vying for this pivotal role. On April 17, 2021, President Joe Biden appointed Gary Gensler as Chair of the Securities and Exchange Commission (SEC). Under standard practice, his term would last until January 5, 2026. However, due to Gensler’s direct interventions in the U.S. crypto industry and his aggressive regulatory approach lacking clear guidance, his position appears increasingly vulnerable.
Former President and Republican presidential candidate Donald Trump explicitly stated at the 2024 Bitcoin Conference in Nashville that he would fire Gary Gensler “on day one” if elected.
While the U.S. president does have the authority to dismiss Gensler, doing so is not straightforward. Trump would need to provide valid grounds for removal—such as misconduct, inefficiency, or neglect of duty—and the process of legal review and administrative transition could take over a year.
If Trump wins the 2024 U.S. presidential election, he may have to work alongside Gensler temporarily until a new SEC chair is confirmed. That said, Gensler resigning under such circumstances wouldn’t be surprising—but ultimately depends on Gensler himself.
On the Democratic side, Vice President and presidential candidate Kamala Harris has not yet formally commented on the SEC chair position. However, indications suggest the role might change to allow for a shift in regulatory direction. Billionaire Mark Cuban, who claims close contact with Harris’s team, told media that Harris favors "clear regulatory rules" and opposes "regulation by enforcement." He believes Harris would likely remove Gensler, stating bluntly: “The obvious issue is that given his low public approval ratings, I suspect he’ll step down voluntarily.”
To date, Gensler’s potential successor remains unclear. Republicans generally favor innovation-friendly, lighter-touch regulation, while Democrats tend to support stricter oversight and investor protection. The appointment of the next SEC chair will likely set the tone for future crypto regulation, prompting intense interest within the industry about what the incoming chair’s “first moves” might be.
Thus, the central question becomes—who will replace Gensler, and what stance will they take toward the cryptocurrency industry?
1. Hester Peirce — The Industry’s Beloved “Crypto Mom”; Likelihood: Low
SEC Commissioner Hester Peirce is considered one of the potential strong contenders to succeed Gensler. Given her likely advocacy for comprehensive pro-crypto regulation and Trump’s explicit pro-crypto stance, these factors make her an ideal candidate in many eyes.
Peirce previously researched financial market regulation at George Mason University and served as an advisor to government bodies including the Senate Committee on Banking, Housing, and Urban Affairs. She also worked as a lawyer in the SEC’s Division of Investment Management and was a partner at WilmerHale law firm. Nominated by former President Obama, she officially joined the SEC in 2018.
She is arguably the most popular regulator among crypto supporters, with many dubbing her the “Crypto Mom.”
She has repeatedly criticized Gensler’s aggressive posture toward the crypto industry—the most recent instance being on September 16 this year, when she and Commissioner Mark Uyeda wrote in a dissenting opinion on a crypto case: “It is a serious error to keep entangling crypto issues in endless cases of misdirection and overreach—and the error continues.”
Her public support for the crypto industry and criticism of the SEC’s enforcement tactics have led many in the crypto community to hope Trump will appoint her as Gensler’s successor.
However, her chances are slim, as she has told industry media she does not intend to remain at the SEC after her term ends in 2025.
2. Chris Giancarlo — The “Crypto Dad” Behind Bitcoin Futures; Likelihood: High
A lawyer and former Chair of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo earned the nickname “Crypto Dad” due to his popularity in the cryptocurrency space—a moniker he later embraced in his book *Crypto Dad: The Battle for the Future of Money*. According to Politico, many in the industry lobbying sector view Giancarlo as a strong contender for the SEC chairmanship.
During Trump’s administration, as CFTC chair, he approved the listing of bitcoin futures contracts—an essential step prior to the approval of spot bitcoin ETFs.
Giancarlo currently serves as a senior advisor and co-chair of the digital assets practice at Willkie Farr & Gallagher law firm, holding several other roles across organizations. He is also founder and executive director of the “Digital Dollar Project,” which explores options for digitizing the U.S. dollar.
His experience in finance and digital assets also includes board and advisory roles at the American Financial Exchange, Digital Chamber of Commerce, and Nomura Holdings.
3. Chris Brummer — The Moderate Democratic Choice; Likelihood: High
If Harris becomes the next U.S. president, Chris Brummer could play a key role in her administration.
Brummer has deep ties to the Democratic Party—President Obama nominated him to lead the CFTC in 2016, though the nomination was withdrawn after Trump took office. During the Biden administration, he was a top contender for CFTC chair and volunteered on Biden’s financial regulation transition team.
Anderson P.C. law firm suggests that if appointed SEC chair, Brummer could signal a more balanced regulatory approach toward crypto—one focused on establishing clear guidelines rather than stifling innovation.
Brummer has relevant experience in crypto regulation. On May 16 this year, he founded Bluprynt, a company specializing in regulatory compliance for crypto firms, particularly ensuring whitepapers comply with EU crypto regulations.
A source familiar with Brummer said he is “more qualified than Gary Gensler to be SEC chair” and described his potential appointment as “the most conciliatory resolution toward crypto that the Harris campaign could offer.”
4. Paul Atkins — Former SEC Commissioner Linked to Bush and Trump; Likelihood: Low
According to CNBC, Paul Atkins, a former SEC commissioner under George W. Bush, is among the potential candidates for SEC chair within Trump’s circle.
During the Bush administration, Atkins was known for opposing heavy fines against companies violating securities laws and voiced opposition to the Dodd-Frank Act, which expanded federal regulatory powers after the 2008 financial crisis.
Atkins played a key role in Trump’s 2016 presidential transition team and significantly influenced Trump’s hands-off approach to financial regulation.
He currently works at Patomak Global Partners, a consulting firm he founded in 2009. Since 2017, he has also served as co-chair of Token Alliance, an industry association advocating for digital assets and blockchain.
5. Erica Williams — A Neutral Candidate Aligned with Harris; Likelihood: Medium
Erica Williams, Chair of the Public Company Accounting Oversight Board (PCAOB), brings extensive experience working with the SEC.
She has held several high-level government positions, including deputy chief of staff to three SEC chairs, special assistant and advisor on financial and economic policy in the Obama administration, and litigation partner at Kirkland & Ellis before joining PCAOB.
Under her leadership, PCAOB imposed record penalties, including a $25 million fine on KPMG Netherlands for cheating in internal training programs and a $900,000 penalty on Deloitte Colombia for quality control violations. In 2023 alone, PCAOB levied over $20 million in fines.
While Williams has not made overt statements on crypto, during her tenure PCAOB established an investigative unit focused on emerging audit risks, including those related to cryptocurrencies. She faced criticism for failing to detect flaws at FTX before its collapse in late 2022. At a November 2022 meeting, she clarified: “PCAOB’s jurisdiction is limited to audits of public companies and broker-dealers.”
An insider revealed that Williams is deeply interested in advancing financial regulation, suggesting she may support crypto legislation while actively pursuing illegal activities within the crypto sector.
6. Heath Tarbert — An Active CFTC Chair; Likelihood: Low
As reported by CNBC, Heath Tarbert’s tenure as CFTC chair from 2019 to January 2021 makes him a potential candidate for the next SEC chair. Under his leadership, the CFTC achieved several records, including the highest number of enforcement actions in a single fiscal year.
Tarbert has broad experience in federal government, having worked at the White House, Department of Justice, and Department of Treasury. However, he became embroiled in controversy after joining Citadel Securities as Chief Legal Officer just 27 days after leaving the CFTC, drawing criticism over the so-called “revolving door” between public service and private sector roles.
Currently, Tarbert serves as Chief Legal Officer and Head of Corporate Affairs at Circle, the issuer of the USDC stablecoin.
7. Robert Stebbins — Advisor Closely Tied to Trump’s SEC Chair; Likelihood: Medium
According to Politico, multiple industry experts are considering Robert Stebbins as a potential candidate for SEC chair.
Stebbins worked at Willkie Farr & Gallagher from 1993 to 2017 before joining the SEC as Chief Legal Officer.
Per Willkie’s website, as the SEC’s General Counsel, Stebbins played a critical role in up to 85 rulemakings, hundreds of staff appointments, issuance of interpretive releases, and oversight of over 2,750 enforcement actions. When Jay Clayton, Trump’s former law school classmate and SEC chair, took office in 2017, Stebbins helped assemble his team. (Odaily Planet Daily note: For more on Clayton, see our earlier article: In 2024, the U.S. SEC Made $4.7 Billion—Is the Crypto Industry a ‘Cash Machine’?.)
Additionally, Stebbins collaborated with financial giant Morgan Stanley on major deals, including Amgen’s $27.8 billion acquisition of Horizon Therapeutics and the proposed merger between Allergan and Pfizer. He also participated in Fiat Group’s bid to acquire a majority stake in Chrysler during the early 2010s.
8. Dan Gallagher — Critic of the Federal Reserve; Likelihood: Low
Dan Gallagher, Chief Legal Officer at financial trading platform Robinhood, is deeply familiar with the SEC—having served as a Republican commissioner and held various roles at the agency from 2011 to 2015 under the Obama administration.
In the late 2000s (circa 2010), Gallagher played a significant role in the SEC’s Division of Trading and Markets, serving on committees during the Lehman Brothers liquidation and helping address challenges arising from the financial crisis.
He is known for controversial dissents and has been a vocal critic of the Federal Reserve and the Dodd-Frank Act. He has also advocated for comprehensive reforms to U.S. equity market structure.
Notably, Gallagher faces potential obstacles to candidacy. Democrats are typically cautious about appointing figures from industry to regulatory roles, and Robinhood’s past controversies—such as its decision to halt GameStop stock trading during the 2021 “meme stock frenzy”—could undermine his qualifications.
It remains unclear whether Gallagher would even leave Robinhood for an SEC role. He joined the company’s board in October 2019 and became Chief Legal Officer in May 2020. He has told media he enjoys his current role and expressed honor at being mentioned as a potential candidate for the next SEC chair.
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