Gary Gensler, the US Securities and Exchange Commission (SEC) chairman, could resign early before the end of his term in 2026. In an X post on Saturday, Eleanor Terrett of Fox Business revealed that sources in Washington, D.C., believe that Gensler will resign on his own. His resignation is expected to take effect after Thanksgiving and by the end of January, ahead of Trump’s next inauguration.
Who Will Succeed Gensler?
The change of guard at the SEC has raised questions over who might succeed Gensler. It still needs to be determined who will be appointed. Analysts say it could be Dan Gallagher, Robinhood’s Chief Legal Officer.
According to the analyst, Gallagher is satisfied with his current role and has no plans to switch. Nevertheless, rumors exist that he could still take the role if offered. Bob Stebbins, a partner at Willkie Farr and former General Counsel to SEC Chairman Jay Clayton, is another candidate who might be considered. Clayton is said to have called on Stebbins to take the post. Stebbins is not a cryptocurrency expert, but he would most likely adhere to the Trump administration’s stance on cryptocurrencies.
SEC Chair Candidates
Former SEC Commissioner and a proven crypto advocate, Paul Atkins, is also rumored to be in the running. Atkins is an affiliate of the Digital Chamber of Commerce and has contributed to the consultation on the evolution of token offerings. Brad Bondi, a legal professional with experience in decentralized finance (DeFi), is also included. Bondi has been involved in several crypto projects, strengthening his potential nomination as SEC Chair.
Other possible names on the list include Heath Tarbert, the former Chairman of the Commodity Futures Trading Commission, and Brian Brooks, the former Acting Comptroller of the Currency. The former SEC Investment Management Director Norm Champ is also a potential candidate. Champ was ready for the nomination and said, “I would be honored to serve if the president asked.”
18 U.S. States File Lawsuit Against the SEC and Gary GenslerNevertheless, there is a controversy regarding Gensler’s approach to regulating cryptocurrency. Analysts from the crypto community argue that his policies are too strict. The industry has been waiting for a shift, with Gensler’s resignation date coming up soon.
