SEC Gensler reported to step down after Thanksgiving

SEC Chair Gary Gensler is expected to step down voluntarily after Thanksgiving and depart in early January, ahead of Donald Trump’s inauguration, according to Fox Business producer Eleanor Terrett.

🚨NEW: While @realDonaldTrump’s pick for @SECGov Chair remains unknown, it looks increasingly likely that @GaryGensler will step down voluntarily and choose not to finish out his commissioner term as some had speculated. It’s anyone’s guess when his resignation announcement will…

— Eleanor Terrett (@EleanorTerrett) November 15, 2024

While Trump’s choice for the next SEC chair remains undetermined, several candidates are under consideration. Former SEC Commissioner Dan Gallagher, who currently works at Robinhood, has previously indicated reluctance to take the position, though sources note the situation remains fluid.

Bob Stebbins, former SEC General Counsel under Jay Clayton, is reportedly being promoted by Clayton to the transition team. A source close to Stebbins indicates he would align with the Trump White House’s direction if nominated.

Other potential candidates include Brad Bondi, a lawyer at Paul Hastings, and Paul Atkins of Willkie Farr. Both are known for favoring less stringent regulatory approaches to crypto assets. Atkins currently serves on the board of the Digital Chamber and co-chairs its Token Alliance, where he provides guidance on token issuance development.

Former CFTC Chairman Christopher Giancarlo has dismissed speculation about his potential nomination for the position.

Earlier this week, with Donald Trump's electoral win, the future of SEC Chair Gary Gensler appeared uncertain due to Trump's preference for a more crypto-friendly SEC leadership.

Last month, as Gary Gensler's controversial tenure overseeing US crypto policies neared its end, speculation about his future role continued.