cryptojournalist
Rumors are swirling that Wall Street lawyer Richard Farley could replace current SEC Chair Gary Gensler under Donald Trump’s administration. This news has the crypto community buzzing—with some voicing concern that Farley’s traditional finance background might mean stricter rules for crypto, while others think he could bring much-needed balance to regulation.
Crypto Community Split Over Farley’s Wall Street Ties
A November 7 report from the New York Post named Farley, a partner at Levin Naftalis & Frankel, as a potential candidate for SEC chair. His Wall Street experience has divided crypto supporters. Venture capitalist Adam Cochran was quick to criticize, calling Farley “one of the worst picks” due to his deep connections to traditional finance. Cochran argued that crypto needs champions like Chris Giancarlo (“Crypto Dad”), Hester Peirce (“Crypto Mom”), or Robinhood’s legal chief Dan Gallagher.
Others See Potential for Balanced Crypto Regulation
Not everyone is worried, though. Network economist Timothy Peterson sees Farley’s financial background as a potential asset, suggesting that Farley’s regulatory views might foster both innovation and stability. In Peterson’s view, Farley’s experience could lead to more thoughtful rules that give crypto space to grow responsibly.
Meanwhile, crypto lawyer Jake Chervinsky recently mentioned SEC Commissioner Mark Uyeda as another strong option. Uyeda has been openly critical of Gensler’s approach, calling his policies harmful to the industry—a sentiment shared by many in the crypto community.
