Names are starting to circulate for Gensler’s post at SEC. Rumours are floating that if Donald Trump wins, it could be Dan Gallagher, who is now at Robinhood and has already been at the SEC. A much softer attitude is expected in this case.
A recent report suggests that Robinhood’s Chief Legal Officer (CLO), Dan Gallagher, might replace Gary Gensler as SEC Chair. This speculation stems from Trump’s increasing support for the cryptocurrency industry. Even though the news is a rumour, chances are high that the US might turn towards pro-crypto governance to stabilise economic tensions.
Donald Trump has recently been vocal on cryptocurrency, from taking donations to regulations. He has tried all to win crypto votes. He has criticised Biden’s strict regulations and advocated for the US to lead in digital asset innovation. His shift from skepticism to support for the crypto sector has fuelled discussions about potential changes in SEC leadership.
Meanwhile, Gallagher, a former SEC commissioner, in a CNBC interview, has shown his excitement for the role and commitment to market access and innovation. He stated, “I’ve had the privilege to serve in various roles at the SEC, including as a commissioner.”
In addition to Gallagher, other names being considered for the SEC Chair position include former CFTC chairs J. Christopher Giancarlo and Heath Tarbert, as well as Paul Atkins. These potential candidates reflect the growing influence of the crypto industry in Washington.
According to Eleanor Terrett of FOX News, if Trump wins, Gensler might have to step down, as SEC leadership typically changes with the administration. Moreover, Nate Geraci of ETFStore has highlighted Gallagher’s SEC experience as making him a strong candidate for the role under a Trump presidency.
The possibility of Gallagher or another pro-crypto figure leading the SEC aligns with Trump’s vision to make crypto-friendly policies for mass adoption. This potential change could signal a more favourable regulatory environment for the crypto industry and possibly boost the crypto market.
Earlier this year, the SEC issued a Wells Notice to Robinhood’s crypto arm, alleging violations of securities laws. Robinhood contends that its crypto offerings are not securities, which has sparked controversy and criticism from both the crypto and financial communities. Despite this, Robinhood’s annual crypto trading revenue is expected to increase to $80 million. Also recently, it bought Bitstamp, a major bitcoin exchange, for $200 million, making a global space in the crypto market.
