A New York Post report mentioned a prominent Wall Street lawyer as the top pick for the SEC chair spot under Trump.
A New York Post report about who the next US Securities and Exchange Commission (SEC) chair could be has divided the crypto community, with some feeling the appointment would be bad for the industry and others feeling otherwise.
The November 7 piece claimed Trump’s transition team was considering a Wall Street lawyer for the role. “A top lawyer on Wall Street known for his work on leveraged buyouts is being floated as a possible candidate to lead the Securities and Exchange Commission for the Trump administration,” it mentioned.
Richard Farley, partner at the law firm Kramer Levin Naftalis and Frankel, is apparently the pick to replace Gary Gensler. His Wall Street TradFi background evoked concern among many in the community. They feel Farley may not be the best individual to consider crypto innovation and prefer someone more passionate about the industry and has a track record of working in or vouching for it.
“So far, most of Trump’s top proposed picks for SEC aren’t crypto-friendly,” said Adam Cochran, a partner at venture capital firm Cinneamhain Ventures. “Farley would be one of the worst – he’s a Wall St banking lawyer tapped by RFK.” While he dropped names of who could be ideal candidates, he said the rest of the people Trump’s team was considering have previously tried to cripple crypto’s growth.
Cochran’s ideal picks included former Commodities Futures Trading Commission chair Christopher Giancarlo, otherwise referred to as “Crypto Dad,” Robinhood’s chief of legal Dan Gallagher, and the SEC commissioner also labeled “Crypto Mom,” Hester Peirce. A Reuters report from November 8 mentioned Gallagher was being considered to replace Gensler over others.
Others Feel Differently
While Cochran’s views reflect one side of the crypto community, the other side is reflected by Timothy Peterson, a network economist, who took to X to say, “Farley has a deep understanding of how markets evolve and the critical balance between innovation and oversight.” He added, “His expertise positions him to address the challenges facing digital assets and blockchain technologies with informed pragmatism.”
Adios King, a pseudonymous crypto trader, shared the same view as Peterson. “Farley hasn’t taken a public stance on crypto, but his extensive background in finance suggests a pragmatic approach,” they said. “He’s known for advocating structured, balanced regulations that protect investors without stifling innovation—a promising outlook for crypto.”
