Gensler On His Way Out As New SEC Chair Being Carefully Considered

Richard Farley of Kramer Levin Naftalis and Frankel and Norm Champ of Kirkland and Ellis are among the individuals being considered for the position of U.S. SEC Chair. The development comes shortly after Donald Trump once again won the United States presidency and one of his main promises was replacing current SEC Chair, Gary Gensler.

Potential Candidates

Farley has worked with major investment banks such as Goldman Sachs, Credit Suisse, and UBS on several significant transactions. He also has connections to Robert F. Kennedy Jr., a prominent ally of former President Donald Trump.

Other potential candidates for the role include Robinhood Chief Legal Officer Dan Gallagher, SEC Commissioner Mark Uyeda, and Heath Tarbert, the former chairman of the Commodity Futures Trading Commission (CFTC).

Still A Ways To Go

The leadership shift of the SEC is expected to significantly impact the future of cryptocurrency regulation. Although talks with potential candidates began shortly after the election, an appointment is not expected for several weeks.

Under the Trump administration, a major focus is expected to be centered around revising current crypto regulations, particularly those that have been viewed as burdensome for the digital assets industry.

The hyper aggressive enforcement approach by Gensler has resulted in multi-billion-dollar penalties against some of the largest cryptocurrency firms. In contrast, the incoming Trump administration is likely to take a more relaxed approach to regulation.