This article is also available in Spanish.
A big overhaul is coming to the SEC.
For many reasons, this year’s US presidential election has become a major catalyst for cryptocurrency. Crypto and blockchain technology has become an election issue, with Republican and Democratic candidates teasing voters about their plans to host crypto.
Related Reading
Between the two, incoming President Donald Trump has given a more friendly attitude to crypto, promising to make the US “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 SEC and the expected restructuring. And recent political talk suggests that the top job will likely go to Dan Gallagher, Robinhood’s Chief Legal Officer.
Many expect Trump to announce in January 2025 the next chief of the SEC, as the order to leave Gary Gensler of the agency is intensifying.
Gensler in Hot Seat Before Election
Many expect Gensler to be one of the top exits if Trump takes office. Gensler has waged legal battles against the crypto community for years, including Binance’s XRP and Ripple. His aggressive policies against crypto and its personality have won him many opponents and enemies.
With Gensler’s growing unpopularity, many want him to step down. Trump has acknowledged the issue and promised to revamp the SEC once he is elected. Even Ripple’s
Brad Garlinghouse blamed Gensler for the Democrat’s defeat in this election. Now, Reuters reports that Robinhood’s Dan Gallagher is considered a leading contender to replace Gensler.
Robinhood’s Dan Gallagher as Next SEC Chairman?
Dan Gallagher currently serves as Robinhood’s Chief Legal Officer. Gallagher was an SEC commissioner from 2011 to 2015 before joining the firm. 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 agency’s next chairman.
Although the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other hopefuls. He advocates strict regulation of cryptocurrencies and supports market liberalization.
Previously, Gallagher campaigned to treat digital assets like Bitcoin as a separate asset class, not as securities. In short, the SEC could see a more crypto-friendly policy if Gallagher is sworn in.
Related Reading
Other Nominees for Consideration
Besides Gallagher, a few other names have been floated to replace Gensler. For example, some in the crypto industry are eyeing Hester Pierce, the SEC Commissioner, to be the next SEC chair. However, some insiders have shared that Pierce is not serious about taking the job. Another candidate is Mark Uyeda, who was appointed SEC commissioner on June 30, 2022.
Several reports also mentioned Paul Atkins, the former Republican SEC Commissioner, and Robert Stebbins – who was named the SEC’s General Counsel in May 2017 – as possible replacements for Gensler.
Featured image from CNBC, chart from TradingView
Source link