Richard Farley considered for SEC chair in upcoming Trump administration

Source Cryptopolitan

According to the New York Post, Richard Farley, a partner at New York’s prominent law firm Kramer Levin Naftalis & Frankel and head of its leveraged finance group, has reportedly been added to Donald Trump’s transition team’s list of potential candidates to replace current Securities and Exchange Commission SEC Chair Gary Gensler. 

Farley’s Wall Street expertise and political ties strengthen his candidacy for SEC chair

Richard Farley has established himself on Wall Street primarily through his skills and experience in financing-related activities, particularly those involving banks and other financial institutions. He is also co-head of Kramer Levin’s Leveraged Finance Group, where he has provided advice on various private credit firm issues.

Farley represented Cantor Fitzgerald in the 2017 share sale of Sorrento Therapeutics. Cantor’s CEO, Howard Lutnick, is a key member of Trump’s personnel transition team, which may improve Farley’s chances of being nominated SEC chairperson.

Beyond his professional accomplishments, Farley has solid connections within the Republican party. His wife, Chivacci “Chele” Farley, has held the position of GOP finance chair for New York City and has run for office as a Republican. Once a Democrat, Farley is said to have shifted his support toward the GOP, and he also shares a long-standing friendship with Robert F. Kennedy Jr., a Trump supporter who has shown interest in joining the new administration.

The Trump team plans to appoint a pro-crypto SEC chair to replace Gensler

United States President Joe Biden appointed Gary Gensler as the Securities and Exchange Commission chairman on April 17, 2021. Gensler, who has come under fire from some in the financial industry, has one and a half years remaining in his term, which will expire on Jan. 5, 2026.

According to the Trump team, reshaping the SEC will help return it to its core consumer protection mission. This will be a change from Gensler’s style, which some have criticized as aggressive, particularly concerning crypto regulation.

At the moment, Richard Farley has not publicly commented on his views regarding cryptocurrency regulation. Still, the Trump transition team has indicated a preference for an SEC chair who is “pro-crypto.”

The appointment will likely set the tone for future crypto regulation, with the industry closely watching to see the next chair’s priorities.

Alongside Richard Farley, other names being considered for the US SEC chair position include Dan Gallagher, Robinhood’s Chief Legal Officer, and a former SEC commissioner; Chris Giancarlo, former chair of the Commodity Futures Trading Commission and known as “CryptoDad” for his favorable stance on digital assets; and current SEC Commissioner Hester Peirce. 

While the US president can fire Gensler, it won’t be easy. Trump must present a proper cause for dismissal, such as neglect, inefficiency, or some other form of misconduct.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
What Crypto Whales are Buying For May 2025Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
Author  Beincrypto
Apr 21, Mon
Crypto whales are making bold moves heading into May 2025, and three tokens are standing out: Ethereum (ETH), Artificial Superintelligence Alliance (FET), and Onyxcoin (XCN).
placeholder
Gold price snaps selling off after fresh Trump comments on tariffsGold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
Author  FXStreet
Apr 24, Thu
Gold price (XAU/USD) is turning positive, recovering above the $$3,300 level at the time of writing on Thursday after two days of firm selling pressure since it topped at $3,500 on Tuesday.
placeholder
Gold price surges past $3,300 on trade jitters, yield slump reviving haven demandGold price snapped two days of losses on Thursday and rose $50, or more than 1.50%, amid renewed concerns about the US-China trade war.
Author  FXStreet
21 hours ago
Gold price snapped two days of losses on Thursday and rose $50, or more than 1.50%, amid renewed concerns about the US-China trade war.
placeholder
Gold price consolidates in a range; bulls have the upper hand while above $3,300Gold price (XAU/USD) struggles to capitalize on the previous day's move higher and oscillates in a narrow trading band during the Asian session on Friday amid mixed fundamental cues.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) struggles to capitalize on the previous day's move higher and oscillates in a narrow trading band during the Asian session on Friday amid mixed fundamental cues.
placeholder
Gold edges down amid clash over status of US-China trade talksGold price is on the back foot on Friday, almost erasing all of Thursday’s gains, and looks set to close off this week in the red.
Author  FXStreet
16 hours ago
Gold price is on the back foot on Friday, almost erasing all of Thursday’s gains, and looks set to close off this week in the red.
goTop
quote