As the 2024 election cycle heats up, whispers are circulating about potential successors to Securities and Exchange Commission (SEC) Chair Gary Gensler. Sources close to Vice President Kamala Harris’s transition team reveal that at least two candidates, Georgetown Law professor Chris Brummer and Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams, are under consideration. Both are perceived as having more favorable views on cryptocurrency than Gensler.
However, the situation remains fluid. While the Harris team is vetting potential replacements, a spokesperson emphasized that personnel decisions are on hold until after the election, focusing instead on building the necessary infrastructure for a smooth transition. One source described the situation as uncertain, highlighting the campaign’s sensitivity to the politically charged issue of cryptocurrency. The source noted concerns that publicly endorsing a crypto-friendly candidate could alienate progressive voters who view crypto skeptically.
Professor Brummer, a prominent figure in financial regulation with experience at the Atlantic Council and various academic institutions, recently launched Bluprynt, a company specializing in crypto regulatory compliance. His past involvement in the Biden administration’s transition team and a previous, albeit unsuccessful, nomination for the Commodity Futures Trading Commission (CFTC) chair adds to his credentials. Sources suggest that Brummer’s appointment would be seen as a significant olive branch to the cryptocurrency industry.
Chair Williams, meanwhile, heads the PCAOB, a body that works closely with the SEC. Her tenure has been marked by significant enforcement actions, including imposing record fines on major accounting firms. While not explicitly outspoken on crypto, her leadership established a PCAOB inspection team focused on emerging audit risks, including cryptocurrency. She faced scrutiny following the FTX collapse, clarifying the PCAOB’s limited jurisdiction over non-public companies.
Both Brummer and Williams would represent historic appointments as the first non-white chairs of the SEC. Sources also indicate that other potential candidates of color are being considered, though their identities remain unconfirmed.
The legal path to replacing the SEC Chair is complex. While a president cannot directly “fire” the chair, they can demote them to commissioner. Historically, chairs have stepped down with a change in presidential administration.
