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.
🚨NEW: I asked a person close to the Trump transition team about some of the names being floated for @SECGov chair and whether views on #crypto would factor into the decision.
The response: “I promise you it will be someone pro-crypto.”
— Eleanor Terrett (@EleanorTerrett) November 8, 2024
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.
