Jesse Powell, the founder of Kraken Exchange, has expressed strong support for Brian Brooks, the former acting US Comptroller of the Currency, as the next chairman 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 boundaries.
Powell also criticized the current state of the SEC, suggesting it has significantly deviated from its core responsibilities, harming U.S. companies and financial markets.
Fox Business reporter Eleanor Terrett confirmed that Brooks is being considered for several financial regulatory positions, including the SEC.
Terrett reported that other agencies for which Brooks is being considered 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) , are. and the Federal Reserve.
Meanwhile, Brooks’ candidacy comes amid recent speculation about who will succeed Gary Gensler as chairman of the SEC. Other potential candidates include Robinhood’s Chief Legal Officer Dan Gallagher, SEC Commissioner Hester Peirce (often called “Crypto Mom”), Commissioner Mark Uyeda and former CFTC Chairman Christopher Giancarlo, also known as “Crypto Dad.”
The prediction markets on Kalshi currently put Brooks’ chances of becoming SEC chairman at 16%, putting him behind competitors like Teresa Goody Guillen and Robert Stebbins.
Brooks attitude
Commenting on the developing situation, Brooks emphasized that any new SEC chairman under Donald Trump’s administration would inherit significant preparatory work.
He pointed to Trump’s first term, in which national banks were allowed to take custody of digital assets, stablecoin reserves were given clear regulation and banks were allowed to act as validator nodes on blockchain networks.
Brooks noted that these measures recognized decentralized systems as legitimate and paved the way for further progress.
He concluded that the next SEC Chairman will have the opportunity to build on these foundations to advance the crypto industry and improve regulatory clarity.
