Teresa Goody Guillén: A Potential New Chair of the SEC and a New Hope for Encryption Regulation

On November 21, an important message was published on the official website of the U.S. Securities and Exchange Commission (SEC), attracting widespread attention from the encryption industry. The early departure of current SEC Chairman Gary Gensler has brought new possibilities for cryptocurrency regulation.

The merits and faults of Gensler's tenure will be evaluated by later generations. His early departure, in addition to pressure from congressional members and institutions, has another significant factor: Trump, known as the "crypto president," stated that if elected, he would dismiss Gensler and appoint the crypto-friendly blockchain legal expert Teresa Goody Guillén as SEC chairman.

So, who is Teresa Goody Guillén? Why does she have Trump's favor? If she really leads the SEC, what changes might it bring to the encryption industry?

The Major Changes in SEC Encryption Regulation during the Trump Era

Since April 17, 2021, the SEC, under the leadership of Gensler, has taken a tough regulatory stance on the encryption industry. In just three and a half years, the SEC has conducted over 2,700 enforcement actions in the encryption field, collecting more than $21 billion in fines.

As a former MIT professor who taught courses on blockchain technology, Gensler's tough regulatory policies have sparked huge controversy in the encryption market, making him one of the most controversial figures in the encryption industry.

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

In Trump's reform plan, it is crucial to find an SEC chairman who understands both traditional finance and the encryption industry. Teresa Goody Guillén has gradually become a potential frontrunner for the new SEC chairman due to her unique cross-border experience and industry support.

Teresa Goody Guillén: The Unique Background of a Cross-Disciplinary Expert

Teresa Goody Guillén is currently a partner and co-head of the blockchain team at a certain 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, and DeFi.

Teresa's career showcases her unique cross-disciplinary background:

• From 2009 to 2011, served as a litigation attorney in the Office of the General Counsel at the SEC.
• Served as Chief Operating Officer and Managing Director at a consulting company from 2011 to 2015.
• From 2015 to 2019, participated in the creation and led my own legal consulting company.

Such experiences have given Teresa a solid foundation in traditional securities law, while her deep involvement in the blockchain field has made her a rare expert at the intersection of law and technology.

Teresa's encryption-friendly position

Teresa has always held a friendly attitude towards the encryption industry. She has publicly stated multiple times that the United States should adopt a more open approach when formulating encryption regulations, providing a supportive framework for technological innovation rather than a hardline strategy of "sue and be sued." This viewpoint has gained widespread support from the Web3 community.

Teresa advocates for the establishment of a new classification system for digital assets, allowing encryption 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 is implemented, it would provide the industry with a set of executable and clear rules, significantly reducing uncertainty and attracting more institutional capital into the encryption field.

Potential Impact on the Encryption Industry

If Teresa Goody Guillén is eventually appointed as the SEC chair, it will mark a significant shift for the SEC in terms of encryption regulation. She is expected to reshape the competitiveness of the US encryption industry through light-touch regulation and clear market rules.

As a legal expert who is well-versed in traditional financial regulations and proficient in blockchain technology, Teresa may become an important bridge connecting regulatory agencies and the encryption industry. She is expected to design a regulatory framework for the encryption market that balances innovation and regulation.

However, challenges still exist. Teresa needs to balance the interests of traditional financial institutions with those of the emerging encryption industry, while protecting investor interests and maintaining market stability during the transformation. The answers to these questions may have to wait until she officially takes office.

Regardless, Teresa Goody Guillén's potential appointment undoubtedly brings new hope and possibilities for U.S. encryption regulation. Her background and position could inject new vitality into the encryption industry, propelling the U.S. to regain its leading position in global encryption innovation.