President-elect Donald Trump is mulling a wide range of candidates to replace Gary Gensler as SEC chair, sources said.
The potential list of people to lead the securities regulator in a second Trump administration features professionals from both inside and outside the Washington Beltway, but sources predict any Trump nominee will have a much different governing style than Gensler, with less of a focus on climate risks and ESG and a more friendly approach to the cryptocurrency industry.
Here are some of the names that have been mentioned as possible replacements for Gensler, according to sources and news reports:
Teresa Goody Guillén, partner at BakerHostetler and co-leader of its blockchain team. Guillén previously served as litigation counsel for the SEC from 2009 to 2011.
Paul Atkins, CEO at Patomak Global Partners and former SEC commissioner from 2002 to 2008.
Brad Bondi, litigation partner and global co-chair of the investigations and white collar defense practice at Paul Hastings. He previously served as counsel to two SEC commissioners for enforcement actions and regulatory rule-making.
Brian Brooks, of counsel at law firm O'Melveny & Myers and former acting comptroller of the currency during the first Trump administration.
Robert Stebbins, a partner in the corporate and financial services department at Willkie Farr & Gallagher and co-chair of the firm's corporate governance practice. During the first Trump administration, Stebbins served as the SEC’s general counsel.
Terrence Keeley, chair and chief investment officer at sustainable investing advisory firm 1PointSix. He previously served as managing director and head of the official institutions group at BlackRock.
Summer K. Mersinger, a Commodity Futures Trading Commissioner since March 2022 who has called for a new approach to crypto, is being considered to lead the SEC, per Reuters.
Mark T. Uyeda, Republican SEC commissioner since 2022. Uyeda is one of two Republican commissioners at the SEC, and he’s publicly criticized the agency’s approach to crypto, as well as some of its rules, under Chair Gary Gensler.
At a House Financial Services hearing in September, Uyeda said the agency “has a wide range of existing tools” to address the ambiguity around determining when a digital asset is a security. Gensler, who also appeared at the hearing alongside the other four SEC commissioners, asserted that “the laws are clear” when it comes to the matter, though he has often received criticism for what crypto advocates and insiders call a “regulation by enforcement approach,” given the SEC’s enforcement actions targeting crypto firms and exchanges.
Hester M. Peirce, Republican SEC commissioner since 2018. Like Uyeda, Peirce has been repeatedly critical of the agency’s crypto approach and some of its rules under Chair Gensler. Notably, her term expires in 2025, though SEC commissioners can serve up to 18 months beyond the expiration of their terms, according to the agency website.
Either Peirce or Uyeda will likely serve as acting chair once Gensler resigns Jan. 20 and before a new chair is confirmed.
A Nov. 14 commentary from advisory firm Narrative Strategies highlighted other candidates under consideration, including Dalia Blass, senior investment management partner and a partner in Sullivan & Cromwell's financial services group who previously served as the director of the SEC's investment management division; Heath Tarbert, chief legal officer, head of corporate affairs at Circle and former chair of the CFTC; Richard Farley, a partner and chair of the leveraged finance group at Kramer Levin Naftalis & Frankel; and Norm Champ, a partner at Kirkland & Ellis and former director of the SEC's investment management division.
Dan Gallagher, chief legal, compliance and corporate affairs officer of Robinhood Markets, and former SEC commissioner from 2011 to 2015, said in a statement that he does “not wish to be considered” for the position, according to Politico.
J. Christopher Giancarlo, senior counsel and co-chair of Willkie Farr & Gallagher's digital works practice and former CFTC chair publicly took himself out of the running. "As for reports that I’m in (the) mix to run (the SEC), I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess (at the CFTC) and don’t want to have do it again," he said in a Nov. 14 post on X.
As for the incoming Trump administration, “it is really frowned upon to be seen in a newspaper,” so there are some people in the running for chair who are actively trying to stay out of the news, one industry insider said.
