As per the latest report, the Donald Trump administration is likely to consider Dan Gallagher as a replacement for US SEC chair Gary Gensler. The transition is likely to happen soon after Trump resumes office in January 2025, as the demand to fire Gensler grows from the crypto community.
Will Dan Gallagher Replace SEC Chair Gary Gensler?
Gary Gensler’s days seem numbered as talks of the next US SEC chair have taken over within the crypto community. A Reuters report suggests that Robinhood’s Chief Legal Officer Dan Gallagher will take up the role of the SEC chair in the Trump administration. Ripple CEO Brad Garlinghouse has blamed Gary Gensler for the loss of Democrats in this US election.
Prior to joining Robinhood, Gallagher also served as a Republican SEC commissioner between 2011 and 2015. Besides, he’s a famous candidate among crypto executives who contributed millions to Doland Trump’s political campaign this year. Two sources familiar with the matter told Reuters that Gallagher has emerged as the front-runner for a key regulatory role.
Although the decision process remains fluid, Gallagher’s pro-innovation stance has made him a popular choice in the industry. Known for his support of financial innovation and market liberalization, Gallagher advocates for a lighter regulatory approach toward cryptocurrencies.
In the past, he has consistently argued in favor of treating digital assets as a distinct asset class rather than seeing them as securities. This could probably signal a shift towards having crypto-friendly policies, ending the SEC vs Ripple lawsuit, and paving the way for a spot XRP ETF.
Other Probable Candidates on the List
The crypto community wants to see crypto mom Hester Pierce as the next SEC Chair, however, sources told Reuters that she has refused to take the job. Another potential candidate who has been championing the crypto cause is Republican SEC Commissioner Mark Uyeda.
Paul Atkins, a former Republican SEC commissioner and CEO of the consulting firm Patomak Global Partners, is also in the race for SEC Chair. Atkins was part of Trump’s transition team in 2016 and was previously considered for the SEC chair position.
Robert Stebbins, a partner at law firm Willkie Farr & Gallagher, is also under discussion for the SEC shortlist. Stebbins previously served as SEC general counsel during Trump’s first administration. Speaking on the development, Karoline Leavitt, Trump’s national press secretary, said:
“President-Elect Trump will begin making decisions on who will serve in his second Administration soon. Those decisions will be announced when they are made.”
Although Gary Gensler can stay until his term ends in 2026, the SEC Chairman is likely to resign as soon as possible by the end of this year.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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