Rumors are flying around that Richard Farley, a top Wall Street lawyer, could soon take over as SEC Chair under Trump. Farley would replace Gary Gensler, who’s been pretty tough on crypto. And his potential appointment has some people excited while others, not so much. Farley’s connections to Wall Street make him a unique pick. Let’s explore if he is the right one for crypto’s future?
Crypto Is Split on Farley’s Wall Street Roots
Richard Farley isn’t a random SEC pick. He’s a partner at the big time law firm Kramer Levin Naftalis & Frankel. This firm represents major banks like Goldman Sachs, UBS, and Credit Suisse. While some think his financial expertise is a plus, others see red flags. His deep Wall Street ties have made some in the crypto world uneasy. They’re worried he might bring too strict rules and could slow down the growth of digital assets.
One outspoken critic is Adam Cochran, a partner at Cinneamhain Ventures. Cochran believes Farley could hold back crypto’s growth and should be the next SEC chair. He’s actually rooting for other candidates like Hester Peirce or Dan Gallagher, both of whom have shown more support for crypto-friendly policies. But it’s not all criticism—some think Farley could be exactly what the industry needs. Timothy Peterson, a network economist, sees Farley’s background in finance as a way to bring stable, sensible oversight to the market. For Peterson, Farley might be able to find a middle ground: less chaotic growth, but not stifling the industry either.
Could Another Candidate Be Better for Crypto?
Farley might be Trump’s top choice, but he’s not the only one in the running. Some in the crypto world are hoping for SEC Commissioner Mark Uyeda. Uyeda has openly pushed back against Gensler’s strict crypto policies, calling them way too limiting. Those in the industry who want a lighter regulatory touch see Uyeda as a great option, someone who might be more willing to let the crypto market breathe and innovate. But despite all this support for Uyeda, it looks like Farley is still under serious consideration from Trump’s team.
So, the crypto community is left wondering: could Farley help crypto find its footing, or would he make things harder? Opinions are definitely mixed.
What to Expect
As Trump’s administration settles in, some changes at the SEC seem pretty likely. If Farley steps in, he could bring a combo of stability and regulation—or he could add more challenges for the crypto world. Either way, crypto enthusiasts and industry insiders are watching closely, ready to see where things go next.
