Former CFTC Chairman: “I already cleaned up Gary Gensler’s mess at CFTC and don’t want to have to do it again at the SEC”

Former chairperson of the Commodity Futures Trading Commission, Chris Giancarlo, has refuted rumors circulating the internet that he will take over office when the current Securities and Exchange Commission chair, Gary Gensler, leaves office. 

President Trump promised the crypto community he would fire the serving SEC chair, Gary Gensler, on the day he assumes office as the U.S. president. Following his victory against Kamala Harris on November 5th, speculations have emerged on who will succeed Gensler as the next U.S. SEC chair. 

Recently, rumors have surfaced on the internet claiming that Chris Giancarlo, former chair of the Commodity Futures Trading Commission, will take over the office after Gensler’s reign ends.

Chris Giancarlo denies claims that he will take over Gensler’s SEC position

As for reports that I’m in mix to run @SECGov, I’ve made clear that I’ve already cleaned up earlier Gary Gensler mess @CFTC and don’t want to have do it again. DC rumors that I’m interested in some #crypto role @USTreasury are also wrong.

— Chris Giancarlo (@giancarloMKTS) November 14, 2024

In a twist of events, Giancarlo recently came out to dispel the rumors. He mentioned that he already “cleaned up” Gensler’s mess after taking over from him as the chair of the CFTC. He also mentioned that he doesn’t want to do it again. Giancarlo also addressed other rumors that he was interested in some crypto role at the US Treasury, saying they were wrong.

The U.S. SEC chair has been the prime nemesis of firms in the crypto industry for the last three years. During this time, many crypto enthusiasts have criticized Gensler’s approach to crypto litigation. The uncertainty surrounding his next successor has grown significantly, and his time in office may be coming to an end.

The U.S. SEC chair’s term runs until June 2026. In an interview with Bloomberg Technology, Gensler refused to answer the question about President-elect Donald Trump’s remarks about firing him. However, reports allegedly from an insider revealed that Gensler may opt to resign by the end of December.

The crypto community speculates several candidates to succeed Gensler

The crypto community has already begun to speculate on promising candidates that may oversee the U.S. SEC once Gensler makes his exit. One particular candidate is former SEC commissioner Paul Atkins. Atkins currently heads Patomak Global Partners. He also served on the transition team during Trump’s first term in 2016. 

Atkins agrees with the U.S. SEC’s stance that Bitcoin is not a security. However, he has criticized Gensler’s enforcement-driven regulatory approach.

Mark Uyeda is another potential candidate who has grabbed the attention of crypto enthusiasts. He is one of the serving U.S. SEC commissioners and was reappointed in January. He has held various roles in the commission, including advising former Chairman Jay Clayton. 

The commissioner criticized the way the U.S. SEC has handled crypto policies in an interview with Fox Business. He also advocated for a change in the U.S. SEC’s operations and labeled the commission’s policies a “disaster.”

Lawyer and serving U.S. SEC commissioner Hester Peirce appeared among the promising individuals. However, she expressed her unwillingness to remain at the agency after her term ends in 2025.

Brian Armstrong, Coinbase’s CEO and co-founder, said the next U.S. SEC chair should withdraw all petty crypto cases. He also called for the new chair to offer the American people an apology. 

Armstrong noted that the move would not change the current situation created by the commission under Gensler’s leadership and emphasized that it could initiate the process for the commission to reinstate its long-lost trust as an independent institution and government agency.