Gary Gensler Appears Resigned to Having to Resign as America’s Securities Regulator, While Tether’s (Alleged) Treasury Custodian Seems to Have Overplayed His Hand to Become the New Treasury Secretary

On November 14, Securities and Exchange Commission (SEC) Chair Gensler gave a speech to New York’s Practising Law Institute (PLI) in which he appeared to hint that his time as the SEC’s top dog was coming to a close.

Securities and Exchange Commission (SEC) Chair Gary Gensler hinted at his possible departure during a speech at the Practising Law Institute (PLI) in New York on Monday.

Gensler, whose term expires in 2026, faced legal challenges from 18 state Attorneys General over the SEC's crypto regulatory approach.

Meanwhile, Trump nominated former SEC Chair Jay Clayton as the new U.S. Attorney for the Southern District of New York (SDNY), a move expected to reduce crypto prosecutions.

The SDNY announced plans to prioritize immigration enforcement over crypto investigations, following Trump's directives.

Despite earlier rumors, former CFTC Chair Chris Giancarlo expressed his lack of interest in Gensler's role at the SEC or a crypto position at the U.S. Treasury.

Several candidates, including CFTC Commissioner Caroline Pham and former Commissioner Jill Sommers, are reportedly being considered for the CFTC Chair position.

Among the contenders for Treasury Secretary, Cantor Fitzgerald CEO Howard Lutnick faced setbacks due to his alleged excessive involvement in the transition process.

While Lutnick's campaign received support from Elon Musk and Robert F. Kennedy Jr., his close ties to Tether, which is facing legal scrutiny, may hinder his chances.

Former Federal Reserve Governor Kevin Warsh and Apollo Global Management CEO Marc Rowan were added to the shortlist for Treasury candidates, with Warsh facing potential opposition due to his prior support for CBDCs.

Coinbase CEO Brian Armstrong is scheduled to meet with Trump to discuss crypto regulation and personnel appointments, possibly including SEC Commissioner Hester Peirce.

Coinbase, a major campaign finance contributor, aims to influence crypto-related policies and appointments in Trump's administration.