Jesse Powell, the founding father of Kraken trade, has voiced robust help for Brian Brooks, the previous performing US Comptroller of the Forex, as the following Chair of the Securities and Trade Fee (SEC).
Powell highlighted Brooks’ broad experience in a Nov. 19 publish on X, noting that his understanding extends past crypto to the SEC’s regulatory mandate and outlined limits.
Powell additionally criticized the SEC’s present state, suggesting it has deviated considerably from its core tasks, harming US companies and monetary markets within the course of.
Fox Enterprise reporter Eleanor Terrett confirmed that Brooks is being thought of for varied monetary regulatory roles, together with that of the SEC.
Terrett reported that different businesses Brooks is being thought of for embody the Federal Deposit Insurance coverage Company (FDIC), the Workplace of the Comptroller of the Forex (OCC), the Monetary Business Regulatory Authority (FINRA), the Monetary Stability Oversight Council (FSOC), and the Federal Reserve.
In the meantime, Brooks’ candidacy comes amidst latest hypothesis about who will succeed Gary Gensler as SEC Chair. Different potential candidates embody Robinhood’s Chief Authorized Officer Dan Gallagher, SEC Commissioner Hester Peirce (sometimes called “Crypto Mother”), Commissioner Mark Uyeda, and former CFTC Chair Christopher Giancarlo, also called “Crypto Dad.”
Prediction markets on Kalshi at the moment place Brooks’ probabilities of turning into SEC Chair at 16%, rating him behind contenders like Teresa Goody Guillen and Robert Stebbins.
Brooks stance
Commenting on the evolving state of affairs, Brooks emphasised that any new SEC Chair underneath Donald Trump’s administration would inherit important groundwork.
He pointed to Trump’s first time period, throughout which nationwide banks have been approved to custody digital property, stablecoin reserves obtained regulatory readability, and banks have been permitted to behave as validator nodes on blockchain networks.
Brooks famous that these measures acknowledged decentralized techniques as official and set the stage for additional progress.
He concluded that the following SEC Chair can have the chance to construct on these foundations to advance the crypto trade and enhance regulatory readability.
