John Deaton, a crypto lawyer and XRP advocate, has proposed Brad Bondi as a potential successor to Gary Gensler as Chair of the U.S. Securities and Exchange Commission (SEC). Deaton highlights Bondi, Global Co-Chair of Investigations and White Collar Defense at Paul Hastings, for his cryptocurrency expertise.
Speculation about Gensler’s possible resignation has intensified in recent months, with some expecting him to step down before the new administration takes office on January 20, 2025. Gensler’s term extends until 2026, but the cryptocurrency industry has heavily criticized his rules-oriented management style.
Also Read: Coinbase CEO Urges Support for John Deaton in Massachusetts Senate Race
Deaton’s Case for Bondi as SEC Chair
In an X post, Deaton explained why Bondi is the ideal candidate among others reportedly under consideration, including Paul Atkins, Dan Gallagher, and Bob Stebbins. As Deaton highlighted, at this time, Bondi knew what was happening at the SEC and the issues likely to be faced in the crypto markets. More so, he said that Bondi knows crucial areas like DeFi and self-custody that are not within the purview of the SEC.
Citing John Reed Stark, the former Chief of the SEC Office of Internet Enforcement, Deaton highlighted Bondi’s potential to reshape the SEC into a balanced and fair institution. Stark described Bondi as “tough but fair” and capable of transforming the SEC’s image from a heavy-handed regulator into a reflective and industry-friendly organization.
According to Deaton, a new leadership may lead to a new era of cryptocurrency development in the United States. He opined that no country has a better prospect of becoming the world’s powerhouse in digital finance services.
ConclusionÂ
The possibility of Gensler stepping down adds urgency to discussions about the future of the SEC. Brad Bondi’s expertise and balanced approach could position the SEC for meaningful reform and strengthen the U.S. cryptocurrency ecosystem.
