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There is a major innovation coming to the SEC.
For many reasons, this year’s US presidential election has become the most consequential for cryptocurrency. Crypto and blockchain technology have become an election issue, with both Republican and Democratic candidates teasing the electorate with their plans for how to handle crypto.
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Between the two, incoming President Donald Trump offered a friendlier stance on 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 reshuffling. And the latest political chatter suggests the high-profile job will likely go to Then GallagherRobinhood’s chief legal officer.
Many expect Trump to announce the next SEC chief in January 2025 calls for Gary Gensler’s departure from the agency intensifies.
Gensler in the foreground before the elections
Many expect Gensler to be one of the high-profile exits once Trump comes to power. Gensler has been waging legal battles against the crypto community, including Binance and Ripple’s XRP, for years. His aggressive policies against crypto and his personalities have earned him many opponents and enemies.
With Gensler becoming increasingly unpopular, many have called for his resignation. Trump acknowledged the problem and promised a renewal of the SEC once he wins. Even Ripple’s
Brad Garlinghouse has blamed Gensler for the Democrat’s loss in 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 chairman?
Dan Gallagher is currently Chief Legal Officer of Robinhood. Gallagher served as an SEC commissioner from 2011 to 2015 before joining the company. Moreover, Gallagher enjoys great popularity among the major cryptocurrencies, especially among Trump donors. At least two sources have confirmed that the former SEC commissioner is in the running to become the agency’s next chairman.
Although the selection process is still open, Gallagher’s pro-innovation policy gives him an advantage over other hopeful candidates. He advocates stricter regulation of cryptocurrencies and supports market liberalization.
Previously, Gallagher campaigned for digital assets such as Bitcoin to be treated as a separate asset class, and not as securities. In short, the SEC could see a more crypto-friendly policy once Gallagher is sworn in.
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Other candidates under consideration
In addition to Gallagher, a few other names are mentioned Gensler’s replacement. For example, some in the crypto industry are looking to Hester Pierce, an SEC commissioner, to become the next SEC chairman. However, some insiders have shared that Pierce is reluctant to take the job. Another candidate in the running is Mark Uyeda, who was appointed SEC commissioner on June 30, 2022.
Multiple reports also mentioned Paul Atkins, a former Republican SEC commissioner, and Robert Stebbins – who was named SEC General Counsel in May 2017 – as possible replacements for Gensler.
Featured image from CNBC, chart from TradingView