Kraken’s founder Jesse Powell backs Brian Brooks for SEC Chair Kraken’s founder Jesse Powell backs Brian Brooks for SEC Chair
Kraken founder sees Brooks' crypto-savvy approach aligning with SEC's core mission amidst leadership speculations.
2 min read
Updated: Nov. 20, 2024 at 11:18 am UTC
OCC / Public Domain. Remixed by CryptoSlate
Jesse Powell, the founder of Kraken exchange, has voiced strong support for Brian Brooks, the former acting US Comptroller of the Currency, as the next Chair of the Securities and Exchange Commission (SEC).
Powell highlighted Brooks’ broad expertise in a Nov. 19 post on X, noting that his understanding extends beyond crypto to the SEC’s regulatory mandate and defined limits.
Powell also criticized the SEC’s current state, suggesting it has deviated significantly from its core responsibilities, harming US businesses and financial markets in the process.
Fox Business reporter Eleanor Terrett confirmed that Brooks is being considered for various financial regulatory roles, including that of the SEC.
Terrett reported that other agencies Brooks is being considered for include the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Financial Industry Regulatory Authority (FINRA), the Financial Stability Oversight Council (FSOC), and the Federal Reserve.
Meanwhile, Brooks’ candidacy comes amidst recent speculation about who will succeed Gary Gensler as SEC Chair. Other potential candidates include Robinhood’s Chief Legal Officer Dan Gallagher, SEC Commissioner Hester Peirce (often referred to as “Crypto Mom”), Commissioner Mark Uyeda, and former CFTC Chair Christopher Giancarlo, also known as “Crypto Dad.”
Prediction markets on Kalshi currently place Brooks’ chances of becoming SEC Chair at 16%, ranking him behind contenders like Teresa Goody Guillen and Robert Stebbins.
Brooks stance
Commenting on the evolving situation, Brooks emphasized that any new SEC Chair under Donald Trump’s administration would inherit significant groundwork.
He pointed to Trump’s first term, during which national banks were authorized to custody digital assets, stablecoin reserves received regulatory clarity, and banks were permitted to act as validator nodes on blockchain networks.
Brooks noted that these measures recognized decentralized systems as legitimate and set the stage for further progress.
He concluded that the next SEC Chair will have the opportunity to build on these foundations to advance the crypto industry and improve regulatory clarity.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
Jesse Powell is an expert in virtual currencies, online/international payments and fraud, as well as co-founder and former CEO of Kraken, one of the most trusted and largest Bitcoin exchanges in the world with number one EUR market share.
Hester Peirce, known as the “Crypto Mom” for her pro-cryptocurrency and blockchain stance, was sworn in as Commissioner of the U.S.
