President-elect Donald Trump could announce his pick for Securities and Exchange Commission (SEC) Chair as early as tomorrow as a replacement for Gary Gensler, who plans to resign on January 20, the day of Trump’s inauguration.
Paul Atkins, a former SEC Commissioner known for his pro-crypto views and innovative approach, is the favorite to succeed Gensler as the new SEC Chair.
Trump Expected To Name New SEC Chair
While Atkins is the favorite, Trump’s transition team is weighing several candidates. However, betting odds are stacked heavily in favor of Atkins. Current SEC Commissioner Mark Uyeda, Heath Tarbert, a former chairman of the Commodity Futures Trading Commission (CFTC), and Robert Stebbins, a partner at Willkie Farr & Gallagher LLP, are also being considered for the position. A spokesperson for Trump stated,
“President-Elect Trump has made brilliant decisions on who will serve in his second Administration at lightning pace. Remaining decisions will continue to be announced by him when they are made.”
Irrespective of whoever is selected for the job, the SEC will likely change its approach to cryptocurrencies, financial markets, and corporate oversight. The SEC under Gary Gensler was known for its enforcement action and was defined by lawsuits and greater regulatory scrutiny, leading to industry-wide frustration. The agency filed several lawsuits against major players in the crypto space, including Coinbase and Binance, accusing them of operating unregistered securities exchanges.
Gensler’s leadership style also saw him make enemies within the SEC, leading to high attrition rates. Critics, including members of Congress, called him “heavy-handed” and “out of touch.”
Betting Favorite
Traders on Kalshi favor Paul Atkins, a former SEC Commissioner, as the leading candidate for the SEC Chair. Atkins has seen support rise significantly following his interview with Trump’s transition team, with polls giving him a 70% probability of appointment. Atkins is significantly ahead of second-placed Brian Brooks, who stands a 20% chance of being named SEC Chair. Atkins is known for his pro-crypto stance and has been critical of the SEC’s regulation-by-enforcement approach under Gensler. He has advocated clear regulations for the crypto space and a regulatory framework that promotes innovation. If appointed, Atkins could bring a balanced approach to crypto regulation in the US and play a key role in shaping regulatory compliance.
Current SEC Chair Gary Gensler will step down on January 20, 2025, the day of Trump’s inauguration, after serving as its 33rd Chair since April 2021.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
