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Crypto Lawyer Teresa Likely to Become SEC Chair, What Does Trump Hope to Achieve?

Crypto Lawyer Teresa Likely to Become SEC Chair, What Does Trump Hope to Achieve?

BlockBeatsBlockBeats2024/11/20 02:05
By:BlockBeats

Former SEC Official Turned Blockchain Legal Counsel Goody Guillén, described by a token project founder as a "game-changing leader."

Original Title: Trump Said to Consider Crypto Lawyer Teresa Goody Guillén to Lead SEC
Original Author: Christine Lee, CoinDesk
Original Translation: Ismay, BlockBeats


Editor's Note: As the transition process for Trump's new term accelerates, the selection of the SEC Chairman has attracted much attention. Among them, Teresa Goody Guillén has emerged as a top candidate due to her extensive experience in traditional securities law and the cryptocurrency field. The Trump team has shown a high level of commitment to supporting the business and crypto industry, proposing a vision to reform the current regulatory framework. This article takes an in-depth look at Goody Guillén's background and her potential role in this reform, while also outlining the latest nomination updates for other key positions, presenting to readers the regulatory direction and policy orientation of Trump's second term in office.


Goody Guillén Highly Recommended as Top Candidate for SEC Chairman


Goody Guillén is a partner at the BakerHostetler law firm and co-head of the firm's blockchain practice. Cryptocurrency companies privately support her for the role of SEC Chairman, citing her experience at the SEC and rich history of representing blockchain companies and traditional Wall Street firms in encounters with the SEC.


"Masa Co-founder Brendan Playford said: 'Among all the candidates currently being discussed, she is the best candidate.' Masa is a token-driven company that provides decentralized data services for AI enterprises. Playford also mentioned that Goody Guillén will bring about immediate and transformative changes to the SEC."


Playford: Goody Guillén Will Bring Disruptive Innovation to the Crypto Industry


"She has a clear understanding of the relevant laws and the way the SEC operates," Playford said. "We will have a leader who can bring about immediate change, and her strong support for cryptocurrency will fundamentally transform the industry."


Goody Guillén has not commented on this. Trump's transition team spokesperson Karoline Leavitt also did not respond to requests for comment.


After the cryptocurrency industry contributed over $130 million to Trump and other Republican candidates' election support, cryptocurrency insiders received attention from the Trump team during the candidate selection process. Reportedly, Coinbase CEO Brian Armstrong met privately with Trump to discuss personnel appointments.


Goody Guillén Enters Competitive SEC Chair Candidate List


Goody Guillén has emerged as one of the potential candidates to succeed current SEC Chair Gary Gensler. It is reported that Gensler began referring to his position in the past tense last week, anticipating stepping down before Trump's formal inauguration on January 20. As is customary, SEC chairs typically resign during the new administration's transition. During the campaign, Trump had promised to "fire" Gensler on day one of his presidency.


Reportedly, other SEC Chair candidates include: Willkie Farr & Gallagher LLP partner Robert Stebbins, Paul Hastings partner Brad Bondi, former SEC commissioner Paul Atkins, Robinhood Chief Legal Officer Dan Gallagher, and former Acting Comptroller of the Currency Brian Brooks.


"Tough as Nails" — Teresa Goody Guillén's Path to the SEC


According to her LinkedIn page, Teresa Goody Guillén served as an attorney in the SEC's Office of General Counsel from 2009 to 2011 when Mary Shapiro became the SEC's first female chair.


Subsequently, as Chief Operating Officer and Managing Director of Kalorama Partners, Goody Guillén worked with former SEC Chair Harvey Pitt to advise clients on responding to SEC enforcement actions.


Three sources familiar with the matter revealed that the Trump transition team intends to overhaul the SEC, seeking a leader with a pro-business, non-bureaucratic background, to roll back the expanded institutional functions implemented during Gensler's tenure and end the practice of "regulation by enforcement."


In the cryptocurrency field, the Trump team hopes to find a leader who understands the industry and takes a cautious approach to applying securities laws to digital assets until clear legislation is passed by Congress. These sources also indicated that Goody Guillén's peers believe she fully embodies these principles.


“She is low-key... but she is tough as nails,” said Charley Cooper, Senior Advisor at digital asset solutions provider R3 and former Chief Operating Officer of the U.S. Commodity Futures Trading Commission (CFTC). “She will govern based on a deep understanding of securities law in both traditional and crypto markets, and will significantly reduce the previous administration's reliance on enforcement regulation and arbitrary interpretations of laws enacted 90 years ago.”


Nicole Trudeau, General Counsel of investment firm Wave Digital Assets, has collaborated with Goody Guillén on multiple crypto-related bankruptcies and SEC receiverships cases.


“Teresa is a true pioneer in the crypto space, possessing the expertise and foresight needed to lead the SEC and drive U.S. cryptocurrency and capital market growth,” Trudeau said. “She fully embodies President Trump’s expectations for this field.”


Rapid Action


Washington insiders revealed that compared to Trump's first term, the current candidate selection process has been faster and more organized, with the expectation that the SEC chair nominee will be confirmed before Thanksgiving.


Trump has appointed Howard Lutnick, Co-Chairman of his transition team and CEO of Cantor Fitzgerald, as Secretary of Commerce. Previously, Lutnick actively sought the position of Treasury Secretary, but the front-runners for the position currently include Scott Bessent, Founder of Key Square Group, Mark Rowan, CEO of Apollo Global Management, and former Fed Governor Kevin Warsh.


Trump has announced several notable and controversial nominations, including nominating Republican Congressman Matt Gaetz of Florida as Attorney General, but he is expected to face strong opposition from Congress due to allegations of sex trafficking.


In addition, former Fox News host Pete Hegseth was nominated as Secretary of Defense, former Democratic Congresswoman Tulsi Gabbard was nominated as Director of National Intelligence, and Robert F. Kennedy Jr. was nominated as Secretary of Health and Human Services.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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