President-elect Donald Trump’s transition team is currently in the process of selecting the next SEC Chair, with a decision expected to be announced imminently. According to FOX Business journalist Eleanor Terrett, sources familiar with the matter have indicated that the announcement could come as soon as tomorrow.
Traders on Kalshi, a popular prediction market platform, have been placing their bets on who they believe will be Trump’s pick for SEC Chair in his second term. The current frontrunner, with a 70% probability of appointment, is Paul Atkins, a former SEC commissioner. Atkins’ support has surged following his recent interview with Trump’s transition team, where he outlined his views on regulatory policy and innovation in the financial sector.
In contrast, Brian Brooks, who was previously considered a strong contender for the role, has slipped to second place with just a 20% chance of being selected, according to Kalshi bettors. The shift in sentiment towards Atkins may be attributed to his pro-innovation stance on digital assets and fintech, as well as his criticism of the SEC’s current regulatory approach under Gary Gensler.
Atkins has been vocal about the need for clearer regulations around crypto assets and a regulatory framework that fosters innovation in the industry. If appointed as SEC Chair, he is expected to bring a more balanced approach to crypto regulation, which could have significant implications for the future of digital assets in the United States.
Apart from Atkins, other candidates being considered for the SEC Chair position include current SEC Commissioner Mark Uyeda, Dan Gallagher, the chief legal officer at Robinhood, and Heath Tarbert, a former Chair of the CFTC. The final decision will have far-reaching consequences for the financial industry and the regulation of emerging technologies like cryptocurrencies.
Meanwhile, current SEC Chair Gary Gensler is set to step down from his position on January 20, 2025, after serving as the agency’s 33rd chair since April 17, 2021. Gensler’s tenure has been marked by increased scrutiny and enforcement actions against crypto intermediaries for fraud and registration violations.
Under Gensler’s leadership, the SEC also approved the first-ever spot and futures Bitcoin and Ethereum ETFs, signaling a growing acceptance of cryptocurrencies within traditional financial markets. As the transition to a new SEC Chair looms, the industry is eagerly awaiting the announcement of Trump’s pick and the potential impact it may have on the future of crypto regulation in the United States.