A major change is coming to the SEC.

For many reasons, this year’s US presidential election has become the most significant for cryptocurrency. Cryptocurrency and blockchain technology has become an election issue, with both Republican and Democratic candidates irritating the electorate with their plans for dealing with cryptocurrencies.

In both cases, novel President Donald Trump has proposed a friendlier stance on cryptocurrencies, promising to make the US a “crypto capital” and hinting at 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 shake-up. And the latest political chatter suggests that this significant job will likely go to him Dan GallagherRobinhood’s chief legal officer.

Many expect Trump to announce the next head of the SEC in January 2025 as They are demanding that Gary Gensler leave the agency is intensifying.

Gensler in the sizzling seat before the elections

Many expect Gensler to be one of the highest-profile people to leave when Trump takes office. Gensler has been engaged in a years-long legal battle with the cryptocurrency community, including Binance and Ripple’s XRP. His aggressive policy towards cryptocurrencies and their personalities has earned him many critics and enemies.

In the face of Gensler’s growing unpopularity, many called for his resignation. Trump acknowledged the problem and promised SEC reorganization he will win once. Even Ripple
Brad Garlinghouse blames Gensler for the Democrats’ defeat in this election. Currently, Reuters reports that the leading candidate for Gensler’s job is Robinhood’s Dan Gallagher.

Robinhood’s Dan Gallagher, novel SEC chairman?

Dan Gallagher currently serves as Robinhood’s chief legal officer. Prior to joining the firm, Gallagher served as SEC Commissioner from 2011-2015. Additionally, Gallagher is very popular among cryptocurrency bigwigs, especially Trump donors. At least two sources have confirmed that the former SEC commissioner is running to become the next head of the agency.

While the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other candidates. He advocates tighter regulation of cryptocurrencies and supports market liberalization.

Gallagher previously campaigned for digital assets such as Bitcoin to be treated as a separate asset class rather than securities. In compact, the SEC may adopt a more cryptocurrency-friendly policy once Gallagher takes the oath of office.

Other candidates to consider

Aside from Gallagher, a few other names come up Replacing Gensler. For example, some in the crypto industry expect Hester Pierce, who is an SEC commissioner, to become the next SEC chairwoman. However, some insiders say Pierce has no interest in taking the job. The next candidate running for election is Mark Uyeda, who was appointed SEC Commissioner on June 30, 2022.

Multiple reports also mentioned Paul Atkins, a former Republican SEC commissioner, and Robert Stebbins — who was named SEC general counsel in May 2017 — as possible successors to Gensler.

Featured image from CNBC, chart from TradingView