According to Fox Business, a nominee who is supposed to replace SEC Chair Gary Gensler could be announced as soon as this Wednesday. 

As reported by U.Today, former SEC Commissioner Paul Atkins is the current frontrunner to become the next head of the formidable regulatory agency, according to betting market Kalshi. Former Binance US head Brian Brooks is also among the top contenders, but his odds appear to be much slimmer. 

Last week, Politico, citing anonymous sources familiar with the matter, said that Atkins was the leading candidate to spearhead the SEC. However, there was no final decision at that time. 

The Senate will have to confirm the nominee before that person will be able to spearhead the SEC. 

As reported by U.Today, Ripple executives recently attributed the ongoing price rally to Gensler's departure, with CLO Stuart Alderoty suggesting that the SEC was suppressing crypto prices with its aggressive approach to regulation. 

The next head of the SEC is expected to put a stop to all non-fraud cryptocurrency investigations and litigation, which is one of the key reasons why cryptocurrencies of the likes of XRP recently experienced a major price rally. 

As reported by U.Today, Gensler confirmed on Nov. 21 that he would part ways with the agency in January 2025. 

Jaime Lizárraga, an anti-crypto commissioner who voted against the approval of Bitcoin ETFs earlier this year, will also leave the agency together with Gensler. 

It is worth noting that the SEC is prohibited from having more than three commissioners from the same political party.