Jesse Powell, the founder of Kraken exchange, has expressed his support for Brian Brooks, the former acting US Comptroller of the Currency, to become the next Chair of the Securities and Exchange Commission (SEC). Powell praised Brooks for his extensive knowledge in various regulatory matters beyond just crypto, and criticized the current state of the SEC for straying from its core responsibilities and negatively impacting US businesses and financial markets. Fox Business reporter Eleanor Terrett confirmed that Brooks is being considered for multiple financial regulatory roles, including the SEC, FDIC, OCC, FINRA, FSOC, and the Federal Reserve.
Brooks’ candidacy for SEC Chair comes at a time of speculation regarding who will succeed Gary Gensler in the role. Other potential candidates include Robinhood’s Chief Legal Officer Dan Gallagher, SEC Commissioner Hester Peirce, Commissioner Mark Uyeda, and former CFTC Chair Christopher Giancarlo. Prediction markets on Kalshi rank Brooks’ chances of becoming SEC Chair at 16%, behind other contenders like Teresa Goody Guillen and Robert Stebbins.
In response to the evolving situation, Brooks highlighted the groundwork laid during Trump’s administration, such as authorizing national banks to custody digital assets, providing regulatory clarity for stablecoin reserves, and allowing banks to participate as validator nodes on blockchain networks. Brooks believes that the next SEC Chair will have the opportunity to build on these foundations to advance the crypto industry and enhance regulatory clarity.
The potential appointment of Brian Brooks as the next Chair of the SEC has garnered support from Jesse Powell and others in the crypto industry. Powell commended Brooks for his expertise and understanding across a broad range of regulatory matters. Meanwhile, other potential candidates for the SEC Chair position include prominent figures like Dan Gallagher, Hester Peirce, Mark Uyeda, and Christopher Giancarlo.
Brooks has emphasized the progress made under the Trump administration in recognizing and legitimizing decentralized systems and digital assets within the banking sector. He believes that the next SEC Chair will have the opportunity to further advance the crypto industry and regulatory clarity based on the groundwork laid during Trump’s first term. With prediction markets ranking Brooks’ chances at 16%, it remains to be seen who will ultimately succeed Gary Gensler as the Chair of the SEC.
Overall, the potential appointment of Brian Brooks as the next SEC Chair has generated interest and discussion within the financial and crypto industries. With his extensive regulatory expertise and support from figures like Jesse Powell, Brooks could bring significant changes and advancements to the SEC if appointed to the position. As the selection process unfolds, the crypto community will be watching closely to see who ultimately takes on the role of leading the SEC.
