Gary Gensler confirmed to step down? Insiders reveal Hester Peirce is considering two candidates to replace SEC Chairman

Former U.S. Republican presidential candidate Trump had promised to replace SEC Chairman Gary Gensler if elected. Now the question falls on whether Democratic presidential candidate He Jinli will continue to collaborate with Gary Gensler. It has been reported recently that He Jinli has already identified Georgetown University law professor Chris Brummer and Public Company Accounting Oversight Board (PCAOB) Chairman Erica Williams as potential candidates for SEC Chairman. Insiders suggest that both of them have a more favorable attitude towards digital assets compared to Gary Gensler. Perhaps this also confirms what Coinbase mentioned, that the era of Biden and Warren is coming to an end.

He Jinli first mentioned digital assets, Coinbase: The era of Biden and Warren is coming to an end

Gary Gensler Out? Harris Spokesperson: No Selections Before Elections

According to reports, Kamala Harris' transition team is reviewing candidates to replace Gary Gensler as the Chairman of the SEC. The two potential candidates are Chris Brummer, a law professor at Georgetown University, and Erica Williams, the Chair of the Public Company Accounting Oversight Board (PCAOB), who are said to have more crypto-friendly views than Gensler. However, it is understood that Harris has not indicated privately or publicly any intention to replace Gary Gensler.

Insiders noted, "Harris' campaign team is concerned that being too enthusiastic about cryptocurrencies before the elections may cost them votes from progressives, as progressives see cryptocurrencies as a scam and believe they won't attract true swing voters."

Chris Brummer did not respond to the situation. A PCAOB spokesperson also declined to comment. However, a spokesperson for Harris' transition team stated, "No personnel selections will be made before the elections."

Democratic Pro-Crypto Figure, Chris Brummer, Establishes MiCA Compliance Services Company

Chris Brummer is the faculty director of the Institute of International Economic Law at Georgetown University, where he has been teaching since 2009. He has also served as a visiting professor at the University of Pennsylvania Law School and Columbia Law School.

This spring, Chris Brummer founded a company named Bluprynt, focusing on regulatory compliance for cryptocurrency firms, specifically overseeing compliance with the European crypto regulatory framework MiCA.

In 2016, Chris Brummer was nominated by former U.S. President Obama to chair the Commodity Futures Trading Commission, a nomination that was later revoked by the Trump administration. In the next election cycle, he joined the Biden administration's financial regulatory transition team.

PCAOB Chair Yet to Take a Stance on Cryptocurrency, Allegedly Leans Legislative

Erica Williams, Chair of the PCAOB, has been collaborating with the SEC to protect investors, registering companies preparing audit reports, setting audit standards, and investigating and disciplining companies that violate these rules and laws.

Although Erica Williams has never directly discussed cryptocurrencies, under her leadership, the PCAOB has established an inspection team focusing on emerging audit risks, including cryptocurrencies. She has previously faced criticism for overlooking risks leading to the collapse of FTX at the end of 2022, clarifying during a meeting in November that the PCAOB only has jurisdiction over audits of public companies and broker-dealers.

A source mentioned that both sides hold progressive visions for financial regulation and support cryptocurrency legislation. Regardless of Harris, both SEC candidates are people of color, and either of them could become the first non-white SEC Chairman, potentially marking a historic moment.