Trump Said to Eye Crypto Lawyer to Lead SEC: Report
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President-elect Donald Trump, who campaigned as a supporter of bitcoin and other cryptocurrencies, is considering blockchain lawyer Teresa Goody Guillen as the next Securities and Exchange Commission chair, Coindesk reported, citing sources familiar.
Goody Guillen currently serves as co-leader of the Blockchain team at Washington legal powerhouse BakerHostetler, and is a former SEC in-house lawyer. Her company profile says she’s recognized as a leader in crypto and securities enforcement, with expertise in blockchain and other protocols as well as assets such as NFTs.
If selected, Goody Guillen would replace Gary Gensler to lead the agency charged with regulating financial markets, protecting investors and facilitating capital formation. Her appointment would aim to satisfy digital currency advocates, who reportedly pumped $130 million into Trump’s campaign.
Goody Guillen is one among other candidates being considered, Coindesk said. The crypto news outlet said that she declined to comment for their story and that requests for comment from the Trump team didn’t get replies.
Gensler’s cautious approach to crypto and concerns about fraud in digital currencies markets aggravated advocates. Named SEC chair under President Biden in 2021 with a term expiring in 2026, at least one media report said he may step down after Thanksgiving.
Still, under Gensler’s watch, the first spot cryptocurrency ETFs were launched in January after years of haggling and have proven wildly successful. BlackRock Inc.’s $42.9 billion iShares Bitcoin Trust (IBIT), a spot bitcoin fund, has been among the fastest-ever growing exchange-traded funds, pulling in $29.3 billion since its launch. Its price has more than doubled as bitcoin has skyrocketed in the past few weeks.
Gensler also oversaw the introduction of spot Ethereum exchange-traded funds in July. While their success hasn’t measured up to that of spot bitcoin, they still hold billions in assets. The SEC has also received applications for a range of other crypto ETFs, such as those tracking indexes, options and other cryptos such as HBAR, the token of the Hedera network.
Meanwhile, reports say Trump Media is in talks to buy crypto platform Bakkt, which, if true, may require the incoming president’s media company to seek SEC approval for the purchase.