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A significant revamp is coming to the SEC.
For a lot of causes, this 12 months’s US presidential elections have turn out to be essentially the most consequential for cryptocurrency. Crypto and blockchain know-how has turn out to be an election concern, with each the Republican and Democratic candidates teasing the voters with their plans on the right way to deal with crypto.
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Between the 2, incoming President Donald Trump provided a extra pleasant stance over crypto, promising to make the US a “crypto capital” and suggesting a change in management on the Securities and Alternate 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 in all probability 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 Sizzling 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 problem 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 studies that Robinhood’s Dan Gallagher is taken into account the highest contender for Gensler’s put up.
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 extensive reputation amongst cryptocurrency bigwigs, particularly amongst Trump donors. A minimum of two sources have confirmed that the previous SEC commissioner is within the working to turn out to be the following chair of the company.
Though the choice course of remains 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, just a few different names are floated as Gensler’s alternative. For instance, some within the crypto business are taking a look at Hester Pierce, who’s a SEC Commissioner, to turn out to be the following SEC chair. Nonetheless, 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 studies additionally talked about Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC Basic Counsel in Might 2017 — as potential Gensler alternative.
Featured picture from CNBC, chart from TradingView
