Development that will ease the cryptocurrency markets: The end of the road seems to be in sight for the SEC Chairman.

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Kamala Harris's transition team is evaluating Chris Brummer and Erica Williams as potential successors to SEC Chairman Gary Gensler. Both candidates have more favorable views on cryptocurrencies compared to Gensler, but no decision is expected before the election. These candidates could significantly influence the future management of the SEC.

Donald Trump and Kamala Harris Want to See Bitcoin-Friendly Names in the Cabinet

Kamala Harris's team is continuing its work on new candidates for the chairmanship of the Securities and Exchange Commission (SEC). Among the names that could succeed current chairman Gary Gensler are Georgetown University Law School professor Prof. Chris Brummer and Public Company Accounting Oversight Board (PCAOB) Chair Erica Williams.

Both candidates are reported to have a more moderate stance on cryptocurrencies compared to Gensler. Harris's team has not made any public commitment to identifying a candidate before the election. For now, the team is primarily focused on the election campaign and other policy issues.

Sources familiar with the matter indicate that no favorite has yet been determined among the candidates. Harris's campaign team is concerned that making a positive statement about cryptocurrencies before the election could lead to losing the support of progressive voters and may not influence undecided voters.

Harris's spokesperson stated that no personnel appointments have been made before the election, but rather they are focused on preparing the necessary infrastructure for the transition process.

Former U.S. President Trump had announced that he would remove Gensler if re-elected. However, there is legal uncertainty regarding whether a president can directly remove the SEC chairman. Nevertheless, it is noted that the president's authority to remove the commission chairman is generally accepted. If Donald Trump is elected, Dan Gallagher, Chief Legal Officer of Robinhood, is a prominent name for the SEC Chairmanship. Gallagher, who has a background with the SEC, served as a Republican commissioner at the agency from 2011 to 2015.

Prof. Brummer is the owner of a firm focused on the legal compliance of crypto companies and has gained expertise in European cryptocurrency regulations. Prof. Brummer also continues to serve as the director of the Georgetown Institute of Economic Law.

Williams, as PCAOB chair, has been working in the area of investor protection, setting auditing standards and investigating violations.