According to U.Today, John Deaton, a prominent crypto lawyer and advocate for XRP, has evaluated potential candidates to succeed Gary Gensler as the Chair of the U.S. Securities and Exchange Commission (SEC). Deaton's analysis highlights Brad Bondi, Global Co-Chair of Investigations and White Collar Defense at the law firm Paul Hastings, as a strong contender for the position.
The speculation surrounding Gensler's possible resignation has intensified within the cryptocurrency community, with some assuming he might step down before the new administration takes office on January 20, 2025. Despite these rumors, Gensler's term as SEC chairman is set to continue until 2026. Deaton's preference for Bondi is based on the belief that he could bring significant changes to the SEC, benefiting all stakeholders involved. Deaton argues that the SEC requires leadership that comprehends the intricacies of the crypto market. He supports this view by referencing John Reed Stark, former Chief of the SEC Office of Internet Enforcement, who suggested that Bondi could transform the SEC into a more respected and crypto-friendly institution, while maintaining a "tough but fair" approach.
Bondi's experience both within the SEC and in opposition to it is seen as an asset by Deaton, who believes Bondi understands the nuances of the crypto space, including the distinctions between decentralized finance (DeFi) and self-custody, which he argues fall outside the SEC's jurisdiction. Deaton emphasizes that selecting the right candidate for the SEC chair could usher in a new era for the United States as a leading hub for cryptocurrency innovation.
While speculation about Gensler's resignation and potential successors continues, the final decision will ultimately be made by the incoming administration. The crypto community remains watchful to see if Gensler will resign before January 20, 2025, and who will be appointed as the next SEC chairman.
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