Teresa Goody Guillén may become the new chair of the U.S. SEC

On November 21, a news article on the official website of the U.S. Securities and Exchange Commission ( SEC ) attracted widespread attention in the cryptocurrency industry. The early departure of current SEC Chairman Gary Gensler has brought new hope to the industry.

The merits and demerits of Gensler's tenure will be evaluated by future generations. However, his early departure is attributed not only to pressures from congressional members and institutions but also to an important factor: a presidential candidate had expressed intentions to dismiss Gensler upon taking office and appoint the crypto-friendly blockchain legal expert Teresa Goody Guillén as the SEC chair.

So, who is Teresa Goody Guillén? Why is she favored? If she really takes charge of the SEC, what changes could she bring to the cryptocurrency industry?

SEC's Crypto Regulation Faces Major Changes

Since April 2021, the SEC, under Gensler's leadership, has taken a tough stance on the cryptocurrency industry. In just three and a half years, the SEC has completed over 2,700 enforcement actions in the crypto space, with fines exceeding $21 billion. This includes lawsuits against certain major trading platforms and the position of classifying most crypto assets as securities.

Gensler's iron-fisted regulatory policies have sparked multiple storms in the crypto market, leaving the industry disillusioned with his initial promises. He has become one of the most controversial figures in the crypto industry.

In the 2024 U.S. presidential election, a certain candidate has become the new hope for the cryptocurrency industry. He has repeatedly criticized Gensler's cryptocurrency regulatory policies and even stated that if elected president, he would replace Gensler on his first day in office.

In the reform plan of this candidate, it is crucial to find an SEC chairman who understands both traditional finance and the crypto industry. Teresa Goody Guillén is gradually becoming a potential frontrunner for the new SEC chairman due to her unique cross-industry background and support from the industry.

Background of Teresa Goody Guillén

Teresa Goody Guillén is currently a partner and co-head of the blockchain team at a law firm. She joined the firm in January 2019 and leads the team in handling legal matters involving blockchain technology and digital assets, accumulating extensive practical experience in the fields of blockchain technology, digital assets, DAO, DeFi, and more.

Her career showcases a unique cross-background:

• 2009-2011: Litigation Attorney in the Office of the General Counsel at the SEC
• 2011-2015: Held an executive position at a company founded by a former SEC chairman.
• 2015-2019: Founded and led my own legal consulting firm

This background makes Teresa a rare professional at the intersection of law and technology. Her experience at the SEC has given her a strong foundation in traditional securities law, while her deep involvement in the blockchain space has made her an expert in this emerging field.

It is worth noting that the law firm where Teresa works has taken on several important cases related to blockchain in recent years and provides legal consulting services for many Web3 projects. The team she leads is particularly skilled at helping startups navigate complex regulatory challenges.

Teresa has always been seen as friendly towards the crypto industry. She has repeatedly stated that the U.S. should adopt a more open approach when formulating crypto regulations, providing a supportive framework for technological innovation rather than employing a hardline strategy of "sue instead of legislate." This viewpoint has also garnered widespread support from the Web3 community.

SEC May Welcome the "Full-Speed Embrace of Crypto" Era

If Teresa ultimately becomes the chairman of the SEC, it is not only because her resume best fits the comprehensive needs of the new era SEC chairman, but also due to the market's strong expectation for a "policy shift" in cryptocurrency regulation.

In the eyes of the industry, she is an ideal candidate who can deeply understand traditional financial rules while also providing support for Web3 innovation. If she takes over from Gensler, it could lead the SEC down a completely new path and inject new vitality into the U.S. crypto industry.

One of the biggest obstacles facing the U.S. crypto industry today is regulatory uncertainty. Teresa has publicly stated multiple times that she hopes to establish a new classification system for digital assets, allowing crypto assets to no longer be entirely subject to the traditional Howey test. She believes that the Howey test should not determine the future of the industry or technology. If this idea becomes a reality, it will provide the industry with a set of executable and clear rules, greatly reducing uncertainty and attracting more institutional capital into the crypto space.

The co-founder of a certain blockchain project commented: "Teresa is the change agent that the SEC desperately needs. She focuses on light-touch regulation and believes that the Howey test should not determine the future of the industry or technology, and will put an end to the current state of 'regulation by enforcement.' She will unite all key stakeholders from traditional finance and the crypto industry to collaboratively create a clear market structure that allows the crypto industry to thrive in the United States."

Conclusion

If Teresa Goody Guillén is appointed, it undoubtedly marks an unprecedented policy shift for the SEC. It is expected to help the SEC get out of its current predicament of relying on litigation instead of regulation, reshaping the competitiveness of the U.S. cryptocurrency industry through light-touch regulation and clear market rules.

As a legal expert who is well-versed in traditional financial rules and proficient in blockchain technology, her extensive collaboration experience with multiple blockchain projects signifies that the future of the cryptocurrency industry can establish more direct and pragmatic communication channels with the SEC through her. In her role as a "bridge between technology and regulation," Teresa is able to more keenly capture the needs of the industry and design a regulatory framework for the crypto market that balances innovation and compliance.

However, there are challenges beneath the expectations—Can Teresa balance the interests of traditional financial institutions and the emerging cryptocurrency industry? How to protect investor interests and maintain market stability during the transformation?

The answers to these questions may be revealed after her appointment.