- Teresa Goody Guillén, the potential replacement for SEC Chairman Gary Gensler, calls for an overhaul of the SEC, emphasizing the need to restore trust, engage with the industry, and end regulation by enforcement.
- Gary Gensler’s term as SEC Chair is set to end on January 20, 2025, after serving since April 2021, with achievements including reforms in treasury markets, equity market rules, and corporate governance measures.
- Guillén’s potential appointment as SEC Chair could mark a turning point for the cryptocurrency sector in the US, bringing a more collaborative regulatory approach and attracting greater institutional investment.
The potential replacement to current U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has called for major changes at the agency.
Guillén Emphasizes Restoring Trust and Ending “Regulation by Enforcement
Teresa Goody Guillén, the potential replacement to Gensler, responded on Twitter to an official press release announcing the latter’s upcoming departure from the agency.
Guillén stated that the SEC must “restore trust, engage with industry, and end regulation by enforcement.” She tweeted echoing President-Elect Donald Trump‘s popular slogan, “Make The SEC Great Again! Make Crypto Great Again!”
Guillén emphasized the move to protect investors and the country’s place on the world financial stage.
Trump Vowed to Remove Gensler on Day One
In a speech by Trump during the Bitcoin Conference 2024, he vowed to remove Gensler from his position on day one.
According to the SEC press release, Gensler will step down from the agency effective 12:00 pm on January 20, 2025. He has been SEC chairperson since April 17, 2021, following the aftermath of the GameStop market events.
Gensler’s Term Focused on Reforms
During his address at the Practicing Law Institute’s 56th Annual Institute on Securities and Regulation, Gensler looked back on his two years as the head of the agency.
He highlighted major achievements including reforms to treasury markets, advancements in equity market rules, and strengthened corporate governance measures.
Gensler reiterated the agency’s stance that Bitcoin is not considered a security. However, he emphasized the need for proper registration and disclosure requirements for other cryptocurrencies that meet the criteria of securities under federal law.
Guillén Could Mark a Turning Point for Crypto
The possible appointment of Teresa Goody Guillén as SEC Chair could mark a turning point for the cryptocurrency sector in the U.S.
As a partner at BakerHostetler and co-leader of the firm’s blockchain practice, Guillén brings a unique blend of expertise connecting the established financial world with the dynamic and evolving crypto industry.
Additionally, Guillén’s leadership could bring a more collaborative regulatory style surrounding cryptocurrency, resulting in more concrete rules for how digital assets are treated, helping crypto businesses navigate the legal industry, and attracting greater institutional investment.
