Are Trumps SEC Chairman Candidates Friendly to Cryptocurrency

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Two potential SEC chairman candidates for Gary Gensler
Potential choices for the Republican Party
According to reports, Chris Brummer, a professor at Georgetown University Law Center, and Erica Williams, chairman of the Public Company Accounting Oversight Board (PCAOB), are the two most likely potential candidates. It is said that these two individuals have a more friendly view towards cryptocurrencies compared to Gary Gensler.
Chris Brummer founded a company called Bluprynt this spring, focusing on regulatory compliance for cryptocurrency companies, particularly under the framework of the European cryptocurrency regulation MiCA. A source familiar with Chris Brummer but unsure if he is being considered for SEC chairman stated, “In terms of qualifications, Chris Brummer is more suitable to be chairman than Gary Gensler, and he would be the biggest peace proposal for cryptocurrencies put forward by the Ha Jinli campaign team.”
As chairman of the PCAOB, Erica Williams primarily works with the SEC to protect investors, overseeing companies that register and prepare audit reports, setting auditing standards, and investigating and disciplining companies that violate these rules and laws.
A source stated that both Chris Brummer and Erica Williams have progressive visions for financial regulation and would support cryptocurrency legislation, but they would also strictly enforce illegal activities in this field. They also added that both individuals are known for their amiable work attitudes, in sharp contrast to Gary Gensler, who is considered difficult to work with by many subordinates.
However, Unchained also emphasized in the report that Ha Jinli has not publicly or privately committed to replacing Gary Gensler, and it is uncertain if she is seriously considering this issue. A source stated, “It is still unclear who the popular candidates are. Ha Jinli’s campaign team is concerned that being overly supportive of cryptocurrencies before the election will cost her votes from progressive voters who see cryptocurrencies as a ‘scam,’ rather than winning her new swing state voters.”
A spokesperson for Ha Jinli’s campaign team also stated, “The transition team will not make any personnel appointments before the election. Our current focus is on building the necessary infrastructure to be prepared.”
On the other hand, Republican candidate Trump previously promised to dismiss the SEC chairman on his first day in office if elected. Reports suggest that Dan Gallagher, General Counsel of Robinhood, is the best candidate for the Republican Party to appoint as the next SEC chairman.
Dan Gallagher’s background makes him qualified for this position. He served as a Republican commissioner of the Securities and Exchange Commission during the Obama administration and advised several Republican appointees during the Bush presidency. Currently, he leads some cryptocurrency projects at Robinhood amidst regulatory headwinds.
When asked for comment, Dan Gallagher stated, “I am honored to have my name mentioned in discussions about who might be the next SEC chairman. I care deeply about the institution, and my expectation for any new SEC chairman is that they can foster market access and ensure that the United States remains at the forefront of financial innovation.”
Although it is currently unclear whether the president has legal grounds to directly “dismiss” the SEC chairman, there is a broad legal consensus that the president can demote the chairman to a commissioner. Historically, when a new president takes office, the chairman usually resigns voluntarily, and many believe that the former chairman is unlikely to choose to stay in a less powerful commissioner position.