United States President Joe Biden appointed Gary Gensler as the chairman of the Securities and Exchange Commission on April 17, 2021, with his term set to expire on Jan. 5, 2026.

However, Gensler’s direct interventions in the US crypto industry, coupled with a lack of clear regulatory guidelines, may jeopardize his position.

Former President and Republican candidate Donald Trump has made his intentions clear, stating he will fire Gary Gensler “on day one” if elected, as declared at the 2024 Bitcoin Nashville conference.

The US president can fire Gensler, but it won’t be easy. Trump must present a proper cause for dismissal, such as neglect, inefficiency or some other form of malfeasance. Establishing cause, legal reviews and administrative transitions could take over a year.

Trump would likely have to live with Gensler for a while before someone new steps in. In the event of a Trump victory, a resignation wouldn’t be surprising, though that decision rests solely with Gensler.

On the Democrat front, Vice President and presidential candidate Kamala Harris has yet to state an official position on the SEC chair. However, there have been some hints at the possibility of a leadership change, leaving the door open for a shift in regulatory direction.

Billionaire investor Mark Cuban, who claims to have close connections with Harris’ team, told Cointelegraph that Harris favors “bright-line regulations” and opposes “regulation via litigation.” He believes Harris would likely remove Gensler as SEC chair.

“I think the obvious issue is Gensler, and my guess is that, based on the lack of public support for him, that he is gone.”

Gensler’s potential successor remains uncertain, with Republicans generally leaning toward a pro-innovation, less restrictive approach, while Democrats generally favor tighter oversight and consumer protections.

The appointment will likely set the tone for future crypto regulation, with the industry closely watching to see what the next chair’s priorities are.

This leaves the question: Who will succeed Gensler, and how will they approach the crypto industry?

Hester Peirce: The “Crypto Mom” the industry wants

SEC Commissioner Hester Peirce is believed to be a potential contender to take Gensler’s spot. Trump’s assertive pro-crypto stance positions Peirce as an ideal candidate for a comprehensive, crypto-friendly regulatory approach as SEC chair.

Peirce researched financial market regulation at George Mason University and served as an adviser to the Senate Committee on Banking, Housing, and Urban Affairs.

She was also a staff attorney in the SEC’s Division of Investment Management and worked as an associate at the law firm WilmerHale.

Peirce finally made it to the SEC after former President Barack Obama nominated her as an SEC commissioner in 2018.

Pierce is possibly the most popular regulator among crypto advocates, who have nicknamed her “Crypto Mom.” 

She has criticized Gensler’s aggressive approach regarding the crypto industry numerous times. On Sept. 16, Peirce and Commissioner Mark Uyeda wrote in a dissenting opinion on a crypto case:

“Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.”

This outspoken advocacy for the industry and criticism of the commission’s methods has led many from the crypto community to hope that Trump would choose her as Gensler’s replacement.

It’s unlikely she’ll become chair of the SEC, however, as she’s indicated to industry media that she does not plan to stay with the commission after her term ends in 2025.

Chris Giancarlo: “Crypto Dad” of Bitcoin futures

Lawyer and former Commodity Futures Trading Commission (CFTC) head J. Christopher Giancarlo has been nicknamed “Crypto Dad” due to his popularity in the crypto industry. 

He later owned his nickname when he wrote the book CryptoDad: The Fight for the Future of Money. As reported by Politico, K Street — the metonym for American industry lobbying firms — sees Giancarlo as a potential candidate for SEC chair.

During his tenure at the CFTC during the Trump administration, he approved the trading of Bitcoin (BTC) futures contracts, which was a necessary step toward spot Bitcoin exchange-traded funds (ETFs).

Giancarlo is currently senior counsel and co-chair of Willkie Farr and Gallagher’s digital works practice while holding several other roles in various organizations. He is the founder and director of The Digital Dollar Project, an initiative aimed at exploring ways to “future-proof” the US dollar.

His extensive involvement in the finance and digital asset sectors includes board and advisory positions with the American Financial Exchange, the Chamber of Digital Commerce and Nomura Holdings.

Chris Brummer: The peaceful option for the Democrats

Chris Brummer could be a prominent candidate for Harris’ administration if she becomes the next US president.

Brummer has had several ties with the Democratic Party.nominated him to lead the CFTC in 2016 before Trump rescinded his nomination. Under Biden’s administration, he became a top contender for CFTC chair. Brummer was also one of the volunteers on the financial regulation transition team for the Biden administration, which focused on the Treasury.

The boutique law firm Anderson P.C. believes that his potential appointment to the SEC could signal a more balanced approach toward regulating cryptocurrency, focusing on creating clear guidelines without stifling innovation.

Brummer has experience with crypto regulations. On May 16, he launched Bluprynt, a company focused on regulatory compliance for crypto firms, particularly in ensuring white paper compliance with the European Union’s crypto regulations.

A source familiar with Brummer told Unchained that he’s “better qualified than Gary Gensler” and said it could “be the biggest peace offering to crypto the Harris campaign could bring up.” 

Paul Atkins: SEC commissioner with ties to Bush and Trump

According to CNBC, Paul Atkins, a former SEC commissioner under former President George W. Bush, has emerged as a potential candidate for SEC chair in Trump’s orbit.

As an SEC commissioner under the Bush administration, he built a track record for opposing hefty fines on companies violating securities laws. He was opposed to the Dodd-Frank Act, which strengthened federal regulatory authority after the 2008 financial crisis.

Atkins later played a key role on Trump’s 2016 transition team, where he was instrumental in shaping the former president’s laissez-faire approach to financial regulation.

Currently, Atkins is leading Patomak Global Partners, a consulting firm he founded in 2009. Since 2017, he has also been co-chair of the Token Alliance, a trade association advocating for the digital asset and blockchain industry.

Erica Williams: Balanced candidate for Harris

Erica Williams, chair of the Public Company Accounting Oversight Board (PCAOB), has experience working with the SEC.

Williams has held significant roles, including deputy chief of staff to three SEC chairs, special assistant and associate counsel on financial and economic policy to the Obama administration, and a litigation partner at Kirkland and Ellis before joining the board.

Under her PCAOB leadership, the board imposed a record $25-million fine on KPMG Netherlands for exam cheating in its internal training program and a $900,000 fine for quality control violations at a Colombian affiliate of Deloitte, totaling over $20 million in penalties for 2023.

Though she has not been particularly vocal about crypto, the PCAOB established an inspection team focused on emerging audit risks, including cryptocurrency-related ones, during her tenure.

Williams faced criticism for allegedly overlooking flaws at FTX before its collapse in late 2022, prompting her to clarify at a November conference that the PCAOB’s jurisdiction is limited to the audits of public companies and broker-dealers.

An inner source told Unchained that Williams has a progressive vision for financial regulation where she could support crypto legislation while diligently pursuing bad actors in the crypto space.

Heath Tarbert: The active CFTC chair

Heath Tarbert’s experience as head of the CFTC from 2019 to January 2021 positions him as a potential candidate for the head of the SEC, according to CNBC. Under his leadership, the CFTC set several records, including the most cases handled in a fiscal year.

Tarbert has extensive experience across the federal government, having worked in the White House, Department of Justice and Treasury Department.

He has been at the center of some controversy as only 27 days after he departed from the CFTC, he was hired as chief legal officer of Citadel Securities, sparking criticism of the so-called revolving door from public service to private work.

Currently, Tarbert is the chief legal officer and head of corporate affairs for Circle, a payments technology firm that manages the cryptocurrency USD Coin (USDC), which is pegged to the US dollar.

Robert Stebbins: The adviser close to Trump’s SEC chair

According to reports from Politico, several industry experts are considering Robert Stebbins as a potential candidate for the SEC chair role.

Currently leading Willkie Farr and Gallagher’s corporate governance practice, Stebbins has a long history with the firm, having worked there from 1993 to 2017 before joining the SEC as its head legal officer.

During his tenure as general counsel at the SEC, Stebbins played a crucial role in advising on over 85 rules, hundreds of staff orders, interpretive releases, and overseeing over 2,750 enforcement actions, according to Willkie. He assisted Jay Clayton, Trump’s SEC chair and former law school classmate, in assembling his team when Clayton took office in 2017.

At Willkie, Stebbins has worked with Morgan Stanley to advise on significant transactions, including Horizon Therapeutics’ $27.8-billion acquisition by Amgen, and was involved in the proposed merger between Allergan and Pfizer. He also contributed to Fiat’s bid for a majority stake in Chrysler in the early 2010s.

Dan Gallagher: The Federal Reserve critic

Dan Gallagher, chief legal officer of financial trading firm Robinhood, is no stranger to the SEC. He was a Republican commissioner under the former Obama administration from 2011 to 2015 and previously held various roles within the agency.

During the late 2000s, Gallagher played a significant role in the SEC’s Division of Trading and Markets, representing the commission in the liquidation of Lehman Brothers and addressing other challenges during the financial crisis. Known for his strong dissenting opinions, he was critical of the Federal Reserve and the Dodd-Frank Act. He also advocated for a comprehensive review of trading practices in the US stock market.

Gallagher’s confirmation could face some hurdles. There is a standard Democratic caution in appointing industry leaders to regulatory roles, and Robinhood’s past controversies — such as its decision to halt trading of GameStop shares during the meme stock frenzy of 2021 — could complicate his candidacy.

Whether Gallagher would be willing to leave Robinhood for the SEC position is also uncertain. He joined the firm’s board in October 2019 and took on the chief legal officer role in May 2020; he told Politico that he enjoys his current role and is honored to be considered in discussions about the next SEC chair.