The Great SEC Shuffle: Who Could Reshape Crypto Regulation After Gensler?

The crypto industry is holding its breath. With SEC Chairman Gary Gensler’s term expiring on January 5, 2026, a tectonic shift in regulatory philosophy could be just around the corner. Whether Republicans or Democrats take the helm, the next chair will fundamentally reshape how Washington treats digital assets—and the crypto world has some very specific candidates in mind.

Why Gensler’s Position Is Shakier Than It Looks

When President Joe Biden appointed Gary Gensler as SEC chairman on April 17, 2021, few predicted the firestorm his tenure would provoke. His aggressive interventions in the US crypto industry, combined with a strategy of enforcement-first rather than clarity-first regulation, have made him a lightning rod.

Former President Donald Trump didn’t mince words at the 2024 Bitcoin Nashville conference: he’d fire Gensler “on day one” if elected. But here’s the catch—it’s not that simple. A US president can’t just snap his fingers; Trump would need to establish legal cause (negligence, inefficiency, or malfeasance) before pulling the trigger. The legal and administrative process could take over a year, meaning even a Trump victory might leave Gensler warming that chair for a while longer. A voluntary resignation remains possible, though that’s Gensler’s call alone.

On the Democratic side, Vice President and presidential candidate Kamala Harris has remained publicly noncommittal about Gensler’s future. Yet whispers from her inner circle suggest otherwise. Billionaire investor Mark Cuban, claiming close ties to Harris’ team, told Cointelegraph that Harris leans toward “bright-line regulations” and opposes “regulation via litigation”—a clear dig at Gensler’s scorched-earth approach. Cuban’s assessment: Gensler is likely gone regardless of who wins.

The Republican Vision: Pro-Innovation Crypto Regulators

Republicans broadly champion a lighter regulatory touch and pro-innovation framework. Several names keep surfacing in Trump’s orbit:

Hester Peirce – The “Crypto Mom” Possibility

Among Republicans, SEC Commissioner Hester Peirce stands as the crypto industry’s favorite daughter. With a background researching financial markets at George Mason University and stints advising the Senate Banking Committee and working at the SEC’s Division of Investment Management, Peirce has the credentials. Obama nominated her as an SEC commissioner in 2018, and she’s been vocal ever since.

Peirce has repeatedly criticized Gensler’s hardline tactics. In a September 16 dissenting opinion co-authored with Commissioner Mark Uyeda, she wrote: “Leaving crypto to be addressed in an endless series of misguided and overreaching cases has been and continues to be a consequential mistake.” That kind of open advocacy has earned her the nickname “Crypto Mom” among supporters, and many in crypto circles are rooting for her appointment.

There’s a catch, though: Peirce has indicated she doesn’t plan to stick around the SEC after 2025. That makes a promotion to chair unlikely, though never impossible.

Chris Giancarlo – The “Crypto Dad” With Futures Pedigree

J. Christopher Giancarlo, former head of the Commodity Futures Trading Commission (CFTC), earned his nickname “Crypto Dad” the old-fashioned way—by actually championing crypto while in power. During the Trump administration, he approved Bitcoin futures trading, a watershed moment that paved the way for spot Bitcoin ETFs years later. He even authored a book titled CryptoDad: The Fight for the Future of Money.

According to Politico, K Street (the lobbying establishment) sees Giancarlo as a serious SEC chair contender. Today he serves as senior counsel and co-chair of digital assets practice at Willkie Farr and Gallagher, while heading the Digital Dollar Project—an initiative exploring how to “future-proof” the US dollar. His board positions span the American Financial Exchange, the Chamber of Digital Commerce, and Nomura Holdings, making him deeply embedded in both traditional finance and the digital asset ecosystem.

Paul Atkins – The Laissez-Faire Veteran

Paul Atkins, a former SEC commissioner under George W. Bush, has emerged as another Trump-aligned possibility. During his tenure, he opposed steep corporate fines and the heavy-handed Dodd-Frank Act. He played an instrumental role shaping Trump’s deregulatory financial vision during the 2016 transition.

Today, Atkins leads Patomak Global Partners, a consulting firm founded in 2009, and co-chairs the Token Alliance—a trade group advocating for digital assets and blockchain. His track record suggests a fundamentally different philosophy from Gensler: less enforcement aggression, more market-friendly rules.

Robert Stebbins – The Behind-the-Scenes Choice

Robert Stebbins may be less visible than the others, but Politico suggests he’s in contention. Currently heading corporate governance at Willkie Farr and Gallagher, Stebbins served as SEC general counsel for years, where he advised on 85+ rules and oversaw 2,750+ enforcement actions. He was instrumental in helping Jay Clayton assemble Trump’s SEC team in 2017.

His M&A expertise—including advising Morgan Stanley on Horizon Therapeutics’ $27.8 billion acquisition by Amgen—signals a deal-friendly mindset. That’s a markedly different tone from the enforcement-obsessed Gensler era.

Dan Gallagher – The Fintech Insider

Dan Gallagher, current chief legal officer of Robinhood, served as a Republican SEC commissioner from 2011 to 2015. He has deep experience in the SEC’s Division of Trading and Markets and played a key role in the Lehman Brothers liquidation during the financial crisis.

Gallagher is known for hard-hitting dissents, particularly against the Federal Reserve and Dodd-Frank Act. However, his appointment could face Democratic resistance given Robinhood’s 2021 GameStop trading halt—a controversial decision that stirred retail investor backlash. Whether he’d even leave Robinhood for the SEC post remains unclear; he told Politico he’s content in his current role.

The Democratic Alternative: Balanced Regulators

Democrats generally favor tighter oversight, consumer protection, and clear guidelines. Three names circulate in Harris-aligned circles:

Chris Brummer – The Compliance Pragmatist

Chris Brummer has solid Democratic credentials. Obama nominated him for CFTC chair in 2016 (Trump rescinded it), and he was a top Biden-era contender for the same role. He also volunteered on Biden’s financial regulation transition team.

Most intriguingly, Brummer co-founded Bluprynt in May 2023, a regulatory compliance platform helping crypto firms navigate white paper requirements under EU crypto regulations. An insider told Unchained that Brummer is “better qualified than Gary Gensler” and could represent “the biggest peace offering to crypto the Harris campaign could bring up.”

Unlike Gensler’s scorched-earth litigation strategy, Brummer’s approach—rooted in his compliance work—suggests clear guidelines without strangling innovation.

Erica Williams – The Measured Hand

Erica Williams, chair of the Public Company Accounting Oversight Board (PCAOB), brings SEC experience as deputy chief of staff to three previous SEC chairs. She also served in the Obama administration focusing on financial and economic policy and was a litigation partner at Kirkland and Ellis.

Under Williams’ PCAOB leadership, the board imposed record penalties in 2023—$25 million on KPMG Netherlands for exam cheating and $900,000 on Deloitte Colombia for quality control violations. She’s also had the PCAOB establish an inspection team tracking emerging risks, including crypto-related issues.

Though not notably vocal on crypto policy, an inner source told Unchained that Williams holds a progressive financial regulation vision—capable of backing crypto legislation while aggressively pursuing bad actors. She faced some criticism over alleged FTX audit lapses but clarified that PCAOB jurisdiction is limited to public companies and broker-dealers.

Heath Tarbert – The Enforcement Records Man

Heath Tarbert led the CFTC from 2019 to January 2021, setting records for case handling during his tenure. He brings experience across the White House, Justice Department, and Treasury.

However, Tarbert’s move to Citadel Securities just 27 days after leaving the CFTC sparked revolving-door criticism. Currently, he serves as chief legal officer and head of corporate affairs for Circle, which manages USD Coin (USDC), the leading US dollar-pegged stablecoin. His regulatory background combined with deep fintech experience makes him a plausible Democratic option, though his industry ties could complicate confirmation.

What’s Really at Stake

The next SEC chairman will inherit a fundamental question: Does the US pursue comprehensive, innovation-friendly crypto regulation, or tighter oversight with enforcement as the main tool? Republicans broadly lean toward the former; Democrats toward the latter. Either way, the crypto industry is watching closely. These aren’t just personnel changes—they’re the opening moves in a regulatory chess match that will define digital finance for years to come.

The question isn’t just who replaces Gary Gensler. It’s whether the SEC becomes a partner in crypto’s development or its adversary.