During his speech at Bitcoin 2024, incoming US President Donald Trump promised to fire Gary Gensler as Chairman of the Securities and Exchange Commission (SEC).
“On day one, I will fire Gary Gensler and appoint a new SEC Chairman,” he declared to uproarious applause. “I didn’t know he was that unpopular. Let me say it again. On day one, I will fire Gary Gensler.”
Although there are some formalities to removing Gensler from office without showing cause — including the possibility of a legal challenge by the SEC itself — his resignation or involuntary departure seems likely at some point during 2025.
With Howard Lutnick co-chairing Trump’s presidential transition team and making recommendations for his replacement, several rumors have circulated about potential contenders.
Here are some popular guesses for candidates who might earn Trump’s endorsement to lead the SEC.
Hester Peirce
Currently one of five sitting SEC Commissioners, Peirce is well-known for her pro-crypto stance. She is often a dissenting vote in enforcement actions and publicly bemoans majority decisions by other commissioners, for example, to sue Coinbase, Ripple, Telegram, and others.
Nicknamed “Crypto Mom” by her fans in the industry, Peirce is an obvious candidate given that she already serves on the commission.
Brian Brooks
Brooks is another clear candidate for SEC Chair after Gensler vacates his seat. Brooks is the former Acting Comptroller of the Currency, a powerful bureau of the US Treasury, and a prominent executive in the crypto industry.
He briefly served as CEO of Binance.US and, importantly, saved face by resigning after only a few weeks on the job after he realized that Changpeng Zhao (CZ) was not complying with the Bank Secrecy Act (BSA). CZ later pleaded guilty to criminal violations of the BSA.
Chris Giancarlo
Giancarlo, the ex-Chairman of the Commodity Futures Trading Commission (CFTC), is one of two ex-CFTC leaders who is in line for a possible SEC Chair appointment. Giancarlo has favorable views on blockchain technology and is a co-founder of the Digital Dollar Project.
During his CFTC tenure, he approved the listing of bitcoin futures on the CME, defended his “Do No Harm” regulatory approach towards crypto in front of Congress, and earned the nickname “Crypto Dad.”
Heath Tarbert
Tarbert, like Giancarlo, is an ex-CFTC Chairman. Tarbert left the CFTC in 2021 to work for Citadel, a major market maker. Currently, Tarbert is the Chief Legal Officer and Head of Corporate Affairs at Circle, the issuer of the world’s second-largest stablecoin, USDC.
Paul Atkins
Atkins is a former SEC commissioner and currently co-chairs the Token Alliance, a pro-crypto advocacy group. He also runs a for-profit crypto consultancy, Patomak Global Partners.
Dan Gallagher
From 2011-2015, Gallagher was a commissioner at the SEC. Nowadays, he is Chief Legal Officer at Robinhood. Both positions earned him positive reviews from the crypto community. He has maneuvered Robinhood’s crypto listings through SEC disclosures, emphasized the need for Congress to establish a regulatory framework for digital assets, and positioned himself as an advocate for responsible crypto innovation.
These candidates for SEC Chair are far more crypto-friendly than Gary Gensler. Although any appointed Chair must gain Senate confirmation, it’s likely that Trump will choose a pro-crypto government or business worker for the role, as opposed to Gensler’s famously anti-crypto stance.
Again, it’s worth reiterating that while Trump has expressed intentions to replace Gensler on “day one,” he must either show cause for job termination or risk a legal challenge to his expulsion by the Commission.
Currently scheduled to continue serving until June 2026, the particular process for removing Gensler from his leadership seat at the SEC remains unclear.