Blockchain advocacy group CEDAR Innovation Foundation has urged Securities and Exchange Commission (SEC) Chair Gary Gensler to resign following the recent election. In a statement dated Nov. 18, the group criticized Gensler for not following the precedent set by previous SEC chairs who announced their resignations soon after the administration that appointed them lost an election.
According to CEDAR, Gensler’s decision not to step down is a break from tradition, as the last three SEC chairs resigned within weeks of an election result that led to a change in administration. The group cited the examples of Mary Schapiro, Mary Jo White, and Jay Clayton, who all announced their resignations shortly after the elections that led to shifts in political power.
The foundation further noted that it is not alone in calling for Gensler to leave his position. Other organizations, such as the American Securities Association and Consumer Action for a Strong Economy, as well as individuals like former SEC official John Reed Stark and investor Mark Cuban, have also urged Gensler to resign.
Despite the calls for his resignation, there is no confirmation of Gensler’s intention to leave his role. However, some recent public comments by Gensler have led to speculation that he may step down. During a speech at the Practicing Law Institute, Gensler acknowledged the efforts of the SEC staff and hinted at a potential departure, referring to his work as being on a “legacy tour.” This has led to interpretations that Gensler could be preparing to leave his post.
The question of who might replace Gensler remains open. Several potential candidates have been mentioned, including Robinhood’s chief legal officer Dan Gallagher, former acting comptroller of currency Brian Brooks, and former SEC commissioner Paul Atkins. However, there has been no official nomination, and predictions vary regarding the outcome. Market odds currently favor Brooks, with a 48% chance of selection, though it remains too early to determine who will ultimately take the role.