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John Deaton, a crypto lawyer and XRP advocate, has analyzed the suitability of likely candidates to replace Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC). Deaton’s selection zeroes in on Brad Bondi, Global Co-Chair of Investigations and White Collar Defense at law firm Paul Hastings.
Why Brad Bondi is Deaton’s choice
The pro-XRP lawyer’s choice comes as speculation has gripped the broader cryptocurrency space about Gensler’s possible voluntary stepping down.
The assumption that Gensler will resign before the new administration resumes office on Jan. 20, 2025, has gained traction. Notably, Gary Gensler still has until 2026 before his term as SEC chairman will elapse despite calls for his resignation.
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In an X post, Deaton explained why Bondi might be chosen over the other candidates on the short list of possible SEC chair nominations. Other contenders include Paul Atkins, Dan Gallagher and Bob Stebbins.
According to Deaton, his choice candidate, Bondi, is a good fit as the next SEC chair and could shake things up for the benefit of all stakeholders. Deaton believes that the SEC needs someone who understands the crypto market. He emphasized this by quoting John Reed Stark, Former Chief of the SEC Office of Internet Enforcement, who stated:
Brad [Bondi] will transform the SEC from a vilified schoolyard bully into a respected, reflective, and crypto-industry friendly institution – though he will be “tough but fair.” Brad is the most likely of this group of nominees to really shake things up at the SEC.
Despite Bondi being both inside the SEC and fighting against it, Deaton maintains that Bondi understands the differences in the crypto space. According to him, Bondi, for instance, understands that DeFi and self-custody fall outside of the SEC’s jurisdiction.
Will Gary Gensler step down?
Deaton emphasized that if the next administration picks the right candidate as SEC chair, America could enter a new golden era of becoming the Crypto Capital of the world.
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Although everyone is free to speculate and nominate a possible replacement for the SEC head, the ultimate decision rests with the next administration. Time will reveal if Gensler will hand in his resignation before Jan. 20, 2025, and who the next chairman will be.
