A serious revamp is coming to the SEC.

For a lot of causes, this 12 months’s US presidential elections have develop into essentially the most consequential for cryptocurrency. Crypto and blockchain know-how has develop into an election difficulty, with each the Republican and Democratic candidates teasing the citizens with their plans on the way to deal with crypto.

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Between the 2, incoming President Donald Trump supplied a extra pleasant stance over crypto, promising to make the US a “crypto capital” and suggesting a change in management on the Securities and Trade Fee (SEC).

Now that Trump is the following president, all eyes are on the SEC and the anticipated reshuffle. And the most recent political chatter means that the high-profile job will most likely go to Dan Gallagher, Robinhood’s Chief Authorized Officer.

Many anticipate Trump to announce in January 2025 the following SEC chief, because the clamor for the company’s Gary Gensler’s exit intensifies.

Gensler In Scorching Seat Earlier than Elections

Many anticipate Gensler to be one of many high-profile exits as soon as Trump takes workplace. Gensler has waged authorized fights towards the crypto neighborhood for years, together with Binance and Ripple’s XRP. His aggressive insurance policies towards crypto and its personalities have earned him loads of detractors and enemies.

With Gensler’s growing unpopularity, many have demanded his resignation. Trump acknowledged the difficulty and promised a revamp of the SEC as soon as he wins. Even Ripple’s
Brad Garlinghouse has blamed Gensler for the Democrat’s loss this election. Now, Reuters reviews that Robinhood’s Dan Gallagher is taken into account the highest contender for Gensler’s submit.

Robinhood’s Dan Gallagher As Subsequent SEC Chair?

Dan Gallagher presently serves as Robinhood’s Chief Authorized Officer. Gallagher was a SEC commissioner from 2011 to 2015 earlier than becoming a member of the corporate. Additionally, Gallagher enjoys large recognition amongst cryptocurrency bigwigs, particularly amongst Trump donors. Not less than two sources have confirmed that the previous SEC commissioner is within the working to develop into the following chair of the company.

Though the choice course of continues to be open, Gallagher’s pro-innovation insurance policies give him a bonus over different hopefuls. He advocates for tighter regulation of cryptocurrencies and helps market liberalization.

Beforehand, Gallagher campaigned to deal with digital belongings like Bitcoin as a definite asset class, not as securities. Briefly, the SEC can see a extra crypto-friendly coverage as soon as Gallagher takes oath.

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Different Candidates In Consideration

Other than Gallagher, a couple of different names are floated as Gensler’s alternative. For instance, some within the crypto business are Hester Pierce, who’s a SEC Commissioner, to develop into the following SEC chair. Nevertheless, some insiders have shared that Pierce isn’t eager on taking the job. One other candidate within the working is Mark Uyeda, who was appointed as SEC commissioner on June 30, 2022.

A number of reviews additionally talked about Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC Normal Counsel in Might 2017 — as attainable Gensler alternative.

Featured picture from CNBC, chart from TradingView