Donald Trump is preparing to announce his choice for a new chair of the U.S. Securities and Exchange Commission (SEC), potentially as soon as tomorrow, December 4.
FOX Business reporter Eleanor Terrett confirmed this development in a post on X today, citing sources familiar with the matter.
This move comes after Gensler confirmed his resignation, effective January 20, 2025, aligning with Trump’s inauguration as the 47th president of the United States.
The SEC under Gensler has faced criticism for its regulatory approach, prompting Trump to pledge significant changes to the agency’s leadership and policies.
🚨NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned 📺.
— Eleanor Terrett (@EleanorTerrett) December 3, 2024
Candidates Considered for the Role
Notably, former SEC Commissioner Paul Atkins is among the leading candidates to succeed Gensler. Sources familiar with the matter revealed that President-elect Donald Trump’s transition team recently met with Paul Atkins, a seasoned financial regulator. Atkins is also widely regarded as a prominent figure in conservative financial circles.
Other notable contenders include Robinhood’s Chief Legal Officer Dan Gallagher, Willkie Law Firm Partner Robert Stebbins, and current SEC Commissioner Mark Uyeda.
This list reflects a focus on candidates with extensive regulatory and financial experience. Trump’s administration has emphasized the need for a clear and consistent regulatory framework, particularly regarding digital assets.
The current SEC leadership has drawn industry criticism for employing a regulation-by-enforcement strategy. Industry players and lawmakers have argued that this approach has stifled innovation and failed to provide clarity for businesses navigating the evolving crypto landscape.
Political Figures Express Growing Criticism
Meanwhile, political figures such as Nebraska Representative Michael John Flood have voiced strong disapproval of Gensler’s tenure.
Flood has argued that Gensler’s policies have hindered U.S. progress in the crypto sector, putting the country decades behind global competitors like China. He specifically criticized the SEC’s enforcement-driven strategy, which he claims has stifled market growth and innovation.
Lawsuit Alleges SEC Regulatory Overreach
Compounding Gensler’s challenges, the SEC is now the focus of a lawsuit filed by 18 U.S. states. The lawsuit, led by Republican attorneys general, accuses the agency of regulatory overreach and constitutional violations.
The plaintiffs argue that the SEC has exceeded its authority by implementing rules without congressional approval, particularly in crypto regulation.
This lawsuit reflects broader concerns about the SEC’s enforcement practices under Gensler, with accusations that the agency bypassed due process.
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