The United States Securities and Exchange Commission (SEC) leadership will change soon. Reports suggest that Robert Stebbins is a strong candidate to replace Chairman Gary Gensler.
Fox Business Senior Correspondent Charles Gasparino shared this information in a recent post on X.
Robert Stebbins and His Potential as US SEC Chair
Robert Stebbins has extensive experience. Stebbins is a partner at the law firm Willkie Farr & Gallagher. He also worked as the SEC’s General Counsel when Jay Clayton was the chairman under Donald Trump.
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Scoop: A name that’s gaining steam in the race for @SECGov Chair is Robert Stebbins, a partner at Wilkie Farr & Gallagher, and former SEC General Counsel under Jay Clayton, nominee for US Atty Southern District. Keep an eye on this name.
— Charles Gasparino (@CGasparino) November 15, 2024
He served as the SEC’s General Counsel from 2017 to 2021, advising the agency on legal and regulatory issues.
Many regarded his term under Jay Clayton as a time known for a business-friendly approach to regulation.
This approach aimed to reduce unnecessary red tape while maintaining strong market oversight. The discussion about Stebbins becoming the SEC Chairman highlights concerns about the SEC’s future direction.
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Under Gary Gensler, the SEC took a strong regulatory approach to cryptocurrencies and general corporate disclosures.
While some praised Gensler for his enforcement strategies, others criticized him for creating uncertainty and hindering innovation.
Stebbins offers a more centrist approach. His experience suggests he could focus on clear regulations and protecting investors without creating overly strict rules for businesses.
His connections to the Clayton administration may also attract lawmakers and stakeholders who want to see more business-friendly policies again.
His leadership could help through challenges, especially as the SEC deals with lawsuits and opposition from Congress and private groups.
Gary Gensler Likely to Step Down
Former SEC official John Reed Stark says the U.S. crypto industry’s regulatory pressure may likely wind down soon.
This is partly due to Donald Trump’s presidential victory. Based on a recent speech, Gary Gensler has hinted at plans to step down before Trump takes office.
The question of who will succeed Gensler remains highly debatable. Donald Trump could appoint one of the currency Republican SEC Commissioners, like Hester Peirce or Mark Uyeda, as interim chair.
In the crypto world, Peirce, nicknamed “Crypto Mom,” has criticized Gensler’s approach to crypto regulation.
However, because of her crypto industry ideologies, she is viewed as a better fit for the role. Peirce has confirmed she is not rushing to take leadership reins after her current term.
Mark Uyeda has also criticized the SEC’s handling of crypto, saying it’s hurting the industry.
Other possible candidates for the prominent role include former SEC Commissioner Paul Atkins, Robinhood’s Chief Legal Officer Dan Gallagher, or Chris Giancarlo, the former head of the Commodity Futures Trading Commission.
Each candidate has regulatory experience and could be lenient toward crypto. Stark says everyone expects changes, and the SEC could continue pursuing already advanced cases.
Meanwhile, Tron founder Justin Sun has extended a public job offer to Gary Gensler.
What’s Next?
Despite Stebbins’ strong candidacy, there is no official update about Gensler’s resignation or news on who might replace him.
Speculation about the SEC Chair often reflects the government’s priorities and the changing dynamics in the financial sector.
Meanwhile, Justin Sun has expressed optimism that Trump’s administration would create a regulatory environment that supports the industry’s growth.
Donald Trump has also proposed establishing a “National Bitcoin Reserve.” This aligns with the recent pro-crypto legislation introduced by U.S. Senator Cynthia Lummis.
The legislation advocates for the government to retain seized Bitcoin while adding more in the future.
