Kamala Harris Could Replace Gary Gensler With These Crypto-Friendly Candidates

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As a seasoned researcher with a keen interest in financial regulation and politics, I find myself intrigued by the ongoing debate surrounding the potential replacement for Gary Gensler at the helm of the Securities and Exchange Commission (SEC). The candidacies of Chris Brummer and Erica Williams have piqued my curiosity, given their perceived crypto-friendliness and progressive views on financial regulation.

Based on reports from Bloomberg’s informed sources, it appears that Kamala Harris’s team is deliberating over who they should suggest to the White House as a potential candidate to fill Gary Gensler’s vacated role.

Under consideration for these roles are Chris Brummer, a professor at Georgetown Law, and Erica Williams, currently holding the position of PCAOB Chair. Notably, both individuals show a greater inclination towards cryptocurrencies compared to Gensler in their perspectives.

Nonetheless, Vice President Harris has not indicated if she intends to replace Gensler, and it remains uncertain as to how seriously Brummer, Williams, or any other potential nominees are being contemplated. Her team primarily concentrates on generating voter excitement, all while managing a multitude of urgent policy matters and a hectic timetable.

Kamala Harris Team Weighing Candidates for Possible SEC Chair Replacement

Based on reports, the Harris transition team is examining potential candidates for the position of SEC head previously held by Gary Gensler. Among the possibilities are Georgetown Law professor Chris Brummer, who is rumored to be more supportive of cryptocurrency, and Erica Williams, current Chair of the Public Company Accounting Oversight Board.

Kamala Harris is making efforts to win support from the crypto community, particularly Black male investors. Lately, she has expressed intentions to advocate for a regulatory framework that safeguards these investors in the cryptocurrency market.

To clarify, it’s important to note that at this point, Vice President hasn’t explicitly promised to remove Gensler from his position. Instead, her team is primarily concentrating on voter mobilization efforts due to the short timeframe since she joined the race and significant policy matters requiring attention.

One cleared its throat and said, “It is less clear who the frontrunner is.” That would be a function of some Kamala Harris camp concerns about coming out as openly pro-crypto ahead of the election. That might turn off progressive voters who are wary of digital assets. 

In situations where the law does not explicitly address the issue, it is generally understood that a President has the authority to dismiss a Securities and Exchange Commission (SEC) Chair from their position as Commissioner. Historically, an SEC Chair tends to resign when a new president takes office during their term. Therefore, in practice, if a Chair were demoted, they would not continue serving on the Commission in a lesser role.

Blueprint Founder as Potential SEC Chair Candidate

This year, Chris Brummer established Bluprynt with the aim of assisting cryptocurrency businesses in complying with the European MiCA regulations. Besides his professional pursuits, he also maintains a concurrent career within academic and regulatory spheres.

Brummer is hardly new to regulation. He was on the Biden administration’s financial regulation transition team, focused on Treasury. His history goes even deeper than that: Barrack Obama nominated him to be the Commodity Futures Trading Commission; President Donald Trump later withdrew the nomination. More recently, the Biden administration also considered him for that spot.

A person acquainted with Brummer, yet unaware of his present position as a potential SEC chair nominee, deemed him “more qualified than Gary Gensler” and suggested that appointing him would be a substantial gesture towards the cryptocurrency sector, which could potentially be well-received by the Kamala Harris campaign.

During her term, Erica Williams, the current PCAOB Chair, has backed efforts aimed at enhancing investor safety in partnership with the agency. Notably, she has taken firm actions: imposing a record fine of $25 million on KPMG Netherlands for academic dishonesty and levying another $900,000 against its Colombian affiliate due to quality control concerns, resulting in fines exceeding $20 million this year.

Although she hasn’t been very vocal about cryptocurrency, she did propose a review program for PCAOB to address rising risks, including those related to crypto. After the FTX collapse in 2022, she noted that the jurisdiction of PCAOB extends only to audits of publicly traded companies and broker-dealers.

Advocating for Crypto Legislation and Consensus Building

Individuals associated with Williams and Chris Brummer, who’s also vying for the position of SEC Chairman, have expressed that they both advocate for forward-thinking perspectives regarding financial regulations. They are supportive of future cryptocurrency legislation, but firm in their pursuit of apprehending those engaged in unscrupulous activities.

In contrast to Gary Gensler, who’s known for his firm approach, both Williams and Brummer are recognized as skilled in fostering agreement. If either one is appointed, they would become the first non-white Chair of the SEC. It’s also mentioned that other candidates under consideration are individuals of color as well.

Still, there are influential people from cryptospace who strongly support Kamala Harris. One of them is Ripple Co-founder Chris Larsen who openly donates and supports Harris’ team. He recently explained that support comes from his belief in her understanding of the innovation economy and her experience in California’s tech hub.

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2024-10-18 23:56