Richard Farley, a prominent partner at the law firm Kramer Levin Naftalis & Frankel, is being considered as a candidate to replace current SEC Chair Gary Gensler, as part of Donald Trump's transition team's reforms.
Farley's Wall Street Expertise
Richard Farley has made a name for himself on Wall Street through his expertise and experience in financing activities, particularly those involving banks and financial institutions. As the co-head of Kramer Levin's Leveraged Finance Group, he has advised on various private credit firm issues. In 2017, Farley represented Cantor Fitzgerald in the share sale of Sorrento Therapeutics. His connections with the company may enhance his chances for the SEC chair nomination.
Trump Team's SEC Policy Plans
Gary Gensler was appointed as SEC Chair in April 2021, and some have deemed his approach overly aggressive, particularly concerning cryptocurrency. The Trump team aims to refocus the SEC on its core consumer protection mission. The new chair is expected to have a supportive stance towards cryptocurrencies.
Other Candidates for SEC Chair
In addition to Richard Farley, other candidates include Dan Gallagher, Robinhood's Chief Legal Officer and former SEC commissioner; Chris Giancarlo, known as 'CryptoDad' for his pro-digital asset stance; and current SEC Commissioner Hester Peirce. While the US President can dismiss Gensler, it requires a valid cause for removal.
With his expertise and connections, Richard Farley could become a significant figure in the SEC, potentially influencing future regulatory approaches to cryptocurrencies.
