Richard Farley, a Wall Street lawyer with experience in leveraged finance, has been named as a candidate to lead the Securities and Exchange Commission (SEC) in the upcoming Trump administration. Farley, a partner at the New York law firm Kramer Levin Naftalis & Frankel, has represented major financial institutions such as Goldman Sachs, Credit Suisse, and UBS.
Farley’s connections within the Republican Party, including his marriage to GOP finance chairman Chivacci “Chele” Farley, could help him secure the appointment as SEC chairperson. His wife has also vied for political office as a Republican and he is a longtime friend of Robert F. Kennedy Jr., another Trump supporter.
Donald Trump’s team aims to reshape the SEC to return to its core mission of consumer protection, a change from current SEC Chair Gary Gensler’s more aggressive approach, particularly regarding virtual currency regulation. Farley has not commented on his views regarding cryptocurrency regulation, but the Trump transition team has indicated a preference for an SEC chair who is “pro-crypto.”
Potential candidates for the SEC chair position include Dan Gallagher, Christopher Giancarlo, and current SEC Commissioner Hester Peirce.
Gallagher has been supported by some in the crypto community, who view him as favorable to the industry’s growth and regulatory clarity.
