Race to Lead SEC: Farley, Champ Emerge as Top Contenders

Bloomberg reports that President-elect Donald Trump’s administration is considering several high-profile candidates to replace Gary Gensler as the chair of the US Securities and Exchange Commission (SEC). According to sources familiar with the matter, Richard Farley, a partner at Kramer Levin Naftalis & Frankel, and Norm Champ, a partner at Kirkland & Ellis, are among the top contenders.

Another notable candidate is Dan Gallagher, currently serving as the legal chief at Robinhood Markets Inc., who brings prior experience as an SEC Commissioner during the Obama administration. Also in the mix is current SEC Commissioner Mark Uyeda, who has been vocal about regulatory approaches. Heath Tarbert, who previously chaired the Commodity Futures Trading Commission under Trump’s first term, is also being considered.

Additional names floated include Paul Atkins, another former SEC Commissioner known for his conservative regulatory stance, and Robert Stebbins, a partner at Willkie Farr & Gallagher who has legal expertise in financial markets.

The report also noted that the transition team has initiated discussions with these potential candidates in the wake of the recent election, though a final decision might take weeks. The appointment is crucial as it will likely involve a review of major regulatory actions initiated by Gensler, who was appointed by President Joe Biden in February 2021 and sworn in two months thereafter. His term is set to end in 2026, but his tenure could be cut short depending on Trump’s decision.

The crypto and digital asset sectors are particularly interested in this appointment, expecting a shift towards a less stringent regulatory environment under a new SEC chair. The new leadership could significantly impact how forthcoming regulations under Gensler are implemented or potentially rolled back, aligning with a broader Trump policy of deregulation.

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