Kraken’s founder Jesse Powell backs Brian Brooks for SEC Chair

Jesse Powell, the founding father of Kraken Trade, has expressed sturdy assist for Brian Brooks, the previous performing US Comptroller of the Foreign money, as the following chairman of the Securities and Trade Fee (SEC).

Powell highlighted Brooks’ broad experience in a Nov. 19 put up on X, noting that his understanding extends past crypto to the SEC’s regulatory mandate and outlined boundaries.

Powell additionally criticized the present state of the SEC, suggesting that it has considerably deviated from its core obligations, harming U.S. firms and monetary markets.

Fox Enterprise reporter Eleanor Terrett confirmed that Brooks is being thought-about for a number of monetary regulatory positions, together with the SEC.

Terrett reported that different businesses for which Brooks is being thought-about embrace the Federal Deposit Insurance coverage Company (FDIC), the Workplace of the Comptroller of the Foreign money (OCC), the Monetary Trade Regulatory Authority (FINRA), the Monetary Stability Oversight Council (FSOC) , are. and the Federal Reserve.

In the meantime, Brooks’ candidacy comes amid current hypothesis about who will succeed Gary Gensler as chairman of the SEC. Different potential candidates embrace Robinhood’s Chief Authorized Officer Dan Gallagher, SEC Commissioner Hester Peirce (usually known as “Crypto Mother”), Commissioner Mark Uyeda and former CFTC Chairman Christopher Giancarlo, also referred to as “Crypto Dad.”

The prediction markets on Kalshi presently put Brooks’ probabilities of turning into SEC chairman at 16%, placing him behind opponents like Teresa Goody Guillen and Robert Stebbins.

Brooks perspective

Commenting on the growing scenario, Brooks emphasised that any new SEC chairman underneath Donald Trump’s administration would inherit vital preparatory work.

He pointed to Trump’s first time period, by which nationwide banks had been allowed to take custody of digital belongings, stablecoin reserves got clear regulation and banks had been allowed to behave as validator nodes on blockchain networks.

Brooks famous that these measures acknowledged decentralized techniques as authentic and paved the best way for additional progress.

He concluded that the following SEC Chairman may have the chance to construct on these foundations to advance the crypto trade and enhance regulatory readability.

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