SEC Chairman Jay Clayton is leaving his position at the end of the year that after serving for more than three and a half years. He will conclude his tenure at the end of this year though his term runs through June. While Clayton is considered the man of Wall Street and Trump's likely successor Joe Biden is expected to tighten regulations and focus on retail investors and investor protection. Hence, he put Gary Gensler in charge of his financial policy transition team and maybe makes him Clayton's successor.