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A major revamp is coming to the SEC.
For many reasons, this year’s US presidential elections have become the most consequential for cryptocurrency. Crypto and blockchain technology has become an election issue, with both the Republican and Democratic candidates teasing the electorate with their plans on how to handle crypto.
Between the two, incoming President Donald Trump offered a more friendly stance over crypto, promising to make the US a “crypto capital” and suggesting a change in leadership at the Securities and Exchange Commission (SEC).
Now that Trump is the next president, all eyes are on the SEC and the expected reshuffle. And the latest political chatter suggests that the high-profile job will probably go to Dan Gallagher, Robinhood’s Chief Legal Officer.
Many expect Trump to announce in January 2025 the next SEC chief, as the clamor for the agency’s Gary Gensler’s exit intensifies.
Gensler In Hot Seat Before Elections
Many expect Gensler to be one of the high-profile exits once Trump takes office. Gensler has waged legal fights against the crypto community for years, including Binance and Ripple’s XRP. His aggressive policies against crypto and its personalities have earned him plenty of detractors and enemies.
With Gensler’s increasing unpopularity, many have demanded his resignation. Trump acknowledged the issue and promised a revamp of the SEC once he wins. Even Ripple’s
Brad Garlinghouse has blamed Gensler for the Democrat’s loss this election. Now, Reuters reports that Robinhood’s Dan Gallagher is considered the top contender for Gensler’s post.
Robinhood’s Dan Gallagher As Next SEC Chair?
Dan Gallagher currently serves as Robinhood’s Chief Legal Officer. Gallagher was a SEC commissioner from 2011 to 2015 before joining the company. Also, Gallagher enjoys wide popularity among cryptocurrency bigwigs, especially among Trump donors. At least two sources have confirmed that the former SEC commissioner is in the running to become the next chair of the agency.
Although the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other hopefuls. He advocates for tighter regulation of cryptocurrencies and supports market liberalization.
Previously, Gallagher campaigned to treat digital assets like Bitcoin as a distinct asset class, not as securities. In short, the SEC can see a more crypto-friendly policy once Gallagher takes oath.
Other Candidates In Consideration
Aside from Gallagher, a few other names are floated as Gensler’s replacement. For example, some in the crypto industry are looking at Hester Pierce, who is a SEC Commissioner, to become the next SEC chair. However, some insiders have shared that Pierce isn’t keen on taking the job. Another candidate in the running is Mark Uyeda, who was appointed as SEC commissioner on June 30, 2022.
Multiple reports also mentioned Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC General Counsel in May 2017 — as possible Gensler replacement.
Featured image from CNBC, chart from TradingView