Kamala Harris’ transition team is discussing who to recommend to replace Gary Gensler in the White House, according to Bloomberg sources familiar with the matter.
Georgetown Law Professor Chris Bloomer and PCAOB Chair Erica Williams are being considered. Both candidates are more crypto-friendly than Gensler.
However, Vice President Harris has not yet said whether she intends to replace Gensler, and it is unclear how seriously Bloomer, Williams, or other potential candidates are being considered. Her staff is primarily focused on stirring up voter enthusiasm while juggling a long list of pressing policy issues and a tight schedule.
Kamala Harris Team Considers Candidate to Replace SEC Chairman
The Harris transition team is carefully considering candidates to replace Gary Gensler as SEC chief, according to people familiar with the matter. Rumor has it that Chris Bloomer, a professor at Georgetown Law who is friendly towards cryptocurrencies, and Erika Williams, chair of the Public Company Accounting Oversight Committee, could fill the seat.
Kamala Harris is certainly trying to win the votes of the crypto community. She recently announced plans to support a crypto regulatory framework that protects Black men who invest in and own cryptocurrencies.
Of course, these deliberations have not yet resulted in a concrete promise by the vice president to oust Gensler. For now, the team is more focused on voter mobilization efforts. Her time in the race is limited and she has other important policy concerns.
“It’s not very clear who the frontrunner is,” one person said, clearing his throat. This is likely due to concerns about the Kamala Harris campaign coming out as openly pro-cryptocurrency supporters before the election. That could turn off progressive voters who are wary of digital assets.
The law is silent on that point, so the legal position remains that the president can remove the SEC chairman from his position as commissioner. Traditionally, the SEC chairman resigns at the same time as the president takes office. Therefore, realistically, a chairperson who has been demoted in this way cannot remain on the committee as a junior member.
Blueprint founder nominated for SEC chairman
Chris Brummer founded Bluprintnt earlier this year to help crypto companies navigate Europe’s MiCA regulations. He has had a parallel career in academia and regulation.
Bloomer is no stranger to regulation. He was a member of the Biden administration’s financial regulatory transition team led by the Treasury Department. His background is even deeper. Barack Obama nominated him to serve on the Commodity Futures Trading Commission. President Donald Trump later withdrew the nomination. The Biden administration also recently considered him as its candidate.
A source familiar with Mr. Bloomer said that while he didn’t know his current status as SEC chairman candidate, he was “more qualified than Gary Gensler” and that the Kamala Harris campaign is a key player in the crypto industry. He said it could provide a turning point.
Current PCAOB Chair Erica Williams has worked with the PCAOB to support efforts to improve investor protection. Powerful moves that marked her tenure included a historic fine of $25 million for KPMG Netherlands for exam fraud and another $900,000 for a Colombian affiliate for quality control issues. The general fines imposed so far this year are more than $20 million.
Although she did not speak specifically about cryptocurrencies, she introduced a pilot program at the PCAOB to combat growing risks involving cryptocurrencies. In response to the FTX 2022 failure, he said the PCAOB’s authority only covers audits of publicly traded companies and securities dealers.
Advocating for cryptocurrency legislation and consensus building
People close to Williams and Chris Bloomer, another SEC chairman candidate, said both men have progressive views on financial regulation. Both companies are favorable to the advancement of crypto-related legislation, but are strict about pursuing bad actors.
Both candidates are known as consensus builders, while fellow candidate Gary Gensler is known for being heavy-handed. If Williams or Bloomer are appointed, they would be the first non-white SEC chairmen. Other candidates reportedly being considered are also people of color.
Still, there are influential people in the crypto industry who strongly support Kamala Harris. One of them is Ripple co-founder Chris Larsen, who has openly donated and supported Harris’ team. He recently explained that his support stems from his belief in her understanding of the innovation economy and her experience in California’s tech hub.
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Teuta
Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He started his career in 2005 as a lifestyle writer for Cosmopolitan magazine in Croatia and went on to cover business and economics for prestigious publications such as Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing that cryptocurrencies are one of humanity’s most important inventions. Her fintech efforts began in 2014 and focused on cryptocurrencies, blockchain, NFTs, and Web3. Known for his excellent teamwork and communication skills, Teuta holds a double master’s degree in political science and law, loves punk rock and Chablis, and has a passion for shoes.
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