Trump Expected to Announce New SEC Chair in January 2025
A major revamp is coming to the SEC.
This year’s US presidential elections have significantly impacted cryptocurrency policy discussions. Both Republican and Democratic candidates are addressing crypto and blockchain technology in their platforms.
Incoming President Donald Trump has adopted a pro-crypto stance, pledging to establish the US as a “crypto capital” and indicating potential leadership changes at the Securities and Exchange Commission (SEC).
With Trump set to take office, speculation surrounds the SEC's future, particularly regarding Dan Gallagher, Robinhood’s Chief Legal Officer, who is considered a frontrunner for the position.
Trump may announce the new SEC chief in January 2025 amid growing calls for the resignation of current chair Gary Gensler.
Gensler In Hot Seat Before Elections
Gensler faces potential dismissal due to his contentious legal actions against the crypto community, including cases involving Binance and Ripple’s XRP. His strict policies have garnered significant opposition.
Many critics demand Gensler's resignation, and Trump has promised an SEC overhaul upon taking office. Ripple CEO Brad Garlinghouse has also attributed Gensler's approach to the Democrats' election losses.
Robinhood’s Dan Gallagher As Next SEC Chair?
Dan Gallagher, previously an SEC commissioner from 2011 to 2015, is well-regarded within the cryptocurrency sector, particularly among Trump's supporters. He is seen as a strong candidate for the SEC chair position.
Gallagher advocates for tighter cryptocurrency regulations while promoting market liberalization. He has previously argued for treating digital assets like Bitcoin as a separate asset class rather than securities, which could lead to more favorable policies for the crypto industry under his leadership.
Other Candidates In Consideration
Besides Gallagher, other potential candidates for Gensler’s replacement include SEC Commissioner Hester Pierce, though she may not be interested in the role; Mark Uyeda, who has been an SEC commissioner since June 30, 2022; former SEC Commissioner Paul Atkins; and Robert Stebbins, SEC General Counsel since May 2017.
Featured image from CNBC, chart from TradingView