This article is also available in Spanish.
There’s a big revamp coming to the Securities and Exchange Commission (SEC).
For many reasons, this year’s US presidential elections have become the most important for cryptocurrencies. Cryptocurrency and blockchain technology have become an election issue, with both Republican and Democratic candidates angering voters with their plans for how to handle cryptocurrencies.
Related reading
Between the two, incoming President Donald Trump offered a friendlier stance on cryptocurrencies, promising to make the US a “crypto capital” and proposing a change in leadership at the Securities and Exchange Commission (SEC).
Now that Trump is the next president, all eyes are on the Securities and Exchange Commission and the expected reshuffle. The latest political chatter indicates that this high-level position will likely go to him Dan Gallagherchief legal officer at Robinhood.
Many expect that in January 2025, Trump will announce the next head of the SEC, in his capacity as Chairman of the SEC. Uproar for Gary Gensler’s exit from the agency Intensify.
Gensler is in the hot seat ahead of the election
Many expect Gensler to be one of the prominent exits once Trump takes office. Gensler has waged legal battles against the cryptocurrency community for years, including Binance and Ripple’s XRP. His aggressive policies against cryptocurrencies and their personalities have earned him many detractors and enemies.
As Gensler’s unpopularity grew, many called for his resignation. Trump acknowledged the case and promised SEC renewal Once he wins. Until it ripples
Brad Garlinghouse blamed Gensler for the Democrat’s loss in this election. Now, Reuters reports that Robinhood’s Dan Gallagher is considered a top contender for Gensler’s job.
Robinhood’s Dan Gallagher next SEC chief?
Dan Gallagher is currently the Chief Legal Officer at Robinhood. Gallagher served as SEC commissioner from 2011 to 2015 before joining the firm. Gallagher is also widely popular among crypto figures, 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 head.
Although the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other aspirants. He calls for stricter regulation of cryptocurrencies and supports market liberalization.
Previously, Gallagher has campaigned for digital assets like Bitcoin to be treated as a distinct asset class, rather than securities. In short, the SEC could see a more crypto-friendly policy once Gallagher is sworn in.
Related reading
Other candidates to consider
Aside from Gallagher, a few other names have been floated Gensler alternative. For example, some in the cryptocurrency industry are looking to appoint Hester Peirce, an SEC commissioner, to become the next SEC chair. However, some insiders have shared that Pearce is not keen on taking up the job. The other candidate in the race is Mark Ueda, who is appointed as SEC commissioner on June 30, 2022.
Multiple reports also mentioned Paul Atkins, the Republican former SEC commissioner, and Robert Stebbins — who was named general counsel of the SEC in May 2017 — as a possible replacement for Gensler.
Featured image from CNBC, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.