PANews reported on November 9 that according to Bloomberg, people familiar with the matter revealed that Richard Farley, a partner at Kramer Levin Naftalis & Frankel, and Norm Champ, a partner at Kirkland & Ellis, are among the candidates to succeed Gary Gensler as chairman of the U.S. Securities and Exchange Commission. Other people familiar with the matter said that Dan Gallagher, legal director of Robinhood Markets Inc., current U.S. Securities and Exchange Commission member Mark Uyeda, and former Commodity Futures Trading Commission Chairman Heath Tarbert are also under consideration. People familiar with the matter said that former U.S. Securities and Exchange Commission member Paul Atkins and Robert Stebbins, a partner at Willkie Farr & Gallagher, are also in the running.

Members of President-elect Donald Trump’s transition team and other advisers began talks with potential candidates after the election, according to some people familiar with the matter. Discussions are ongoing and it may be weeks before a candidate is finalized. Regardless of Trump’s choice, the next SEC chairman is likely to carefully review major Gensler-era rules that have yet to be implemented or take effect, and seek to reduce regulation of the digital asset industry to comply with securities laws.