Key Takeaways
- Mark Uyeda is a strong contender for SEC chair as Trump wins presidency.
- Gary Gensler is expected to resign before the end of his term.
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SEC Commissioner Mark Uyeda is a potential candidate to replace Gary Gensler as SEC Chair following Donald Trump’s victory in the 2024 presidential election, according to Jake Chervinsky, Chief Legal Officer at Variant.
Very low, only because I don’t think she wants the job. I’d give decent odds to Uyeda, although I expect Trump may prefer to bring in someone new of his own.
— Jake Chervinsky (@jchervinsky) November 6, 2024
Chervinsky also stated that the odds of SEC’s Crypto Mom Hester Peirce getting the job are “very low” as she may be uninterested in the position.As Crypto Briefing previously reported, Peirce, critical of Gensler’s crypto approach, has industry support but plans to leave after her 2025 term.
“Being chair is a pretty hard, thankless, miserable job. Some commissioners might want it (Uyeda), but others might feel they’ve done their time and are ready to move on to greener pastures,” Chervinsky stated in a separate post on November 6.
Uyeda, who has served as a SEC Commissioner since June 2022, has been vocal about his critical stance on the SEC’s current approach to crypto regulation, particularly under Gensler’s leadership.He has labeled the SEC’s approach to crypto regulation as a “total disaster,” stressing that the agency has failed to provide clear guidance for the industry. The lack of clarity, according to him, has left many crypto businesses confused about compliance with existing regulations.Uyeda has consistently opposed the SEC’s enforcement-driven regulation of crypto assets. This suggests he may favor a more collaborative and transparent approach if appointed SEC Chairman.However, Chervinsky believes Trump might prefer to bring in his own candidate rather than selecting from current commissioners.Gensler is expected to step downGensler was appointed SEC Chair by President Biden on April 17, 2021, with a term set to expire on January 5, 2026. However, his position is jeopardized due to his regulatory actions in the crypto industry.There has been a strong push for Gensler to resign following Trump’s inauguration. Historically, SEC Chairs resign when a new president takes office, as seen with Gensler’s predecessor, Jay Clayton.If Gensler attempts to remain in his position despite the election results, it could lead to a deadlock on contentious rulemakings at the SEC until a new Republican commissioner is appointed, according to a new report from global law firm Ropes & Gray.Trump has promised to “fire” Gensler on his first day in office. However, he must establish a proper cause for dismissal. This process could take over a year, meaning Trump might have to work with Gensler for some time before appointing a successor.
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