The Donald Trump transitioning team is considering Dan Gallagher, a pro-crypto lawyer and Robinhood’s Chief Legal Officer, to replace SEC chair Gary Gensler.
In the wake of Trump’s win, the incumbent Securities and Exchange Commission chair, Gensler, is under scrutiny. His over 100 legal actions against crypto firms and an incessant clampdown on the industry made him one of the bargaining chips in the industry’s support for the US president-elect.
Furthermore, Trump pledged to fire Gensler on his first day in office, among promises the 47th US president made. With Trump’s victory, his transitioning team is already considering options to replace the SEC chair after the January 20, 2025, inauguration.
Team Considers Pro-Crypto Lawyer
Per a Reuters report citing people familiar with the issue, the Trump transitioning team is considering replacing Genser with Robinhood’s Chief Legal officer (CLO) Dan Gallagher. The Thursday report shows that Gallagher made the short list of candidates considered to head the regulatory agency next year.
Gallagher was an SEC commissioner for four years before leaving for the Robinhood position. The CLO, who has witnessed Gensler’s iron-handed leadership firsthand, is the preferred choice among crypto leaders, the people familiar with the issue noted.
Meanwhile, the report also shows that Paul Atkins, the CEO of Patomak Global Partners, is among the options. The former SEC commissioner, who was also part of Trump’s transitioning team in 2016, is also a strong candidate to replace Gensler.
Meanwhile, another candidate for the job, Hester Peirce, aka Crypto Mum, squashed speculations of her replacing Gensler. The strong crypto proponent and current Republican SEC commissioner has allegedly told people close to her that she has no interest in assuming the chair office.
Gensler Set to Resign?
With Trump’s win, Gensler’s term, which should run till 2026, is allegedly under immense uncertainty. Industry leaders have asked Trump to keep his promises and sack the SEC boss after resuming power.
However, Gensler noted that he remains focused on doing “that which we do well at the SEC” until the next administration decides his future. Notably, the SEC chair allegedly fell out with both the Republican and Democratic parties and may have faced a similar scenario had Kamala Harris won.
Meanwhile, Coinbase CLO Paul Grewal seems to have lived past the Gensler era when he urged the SEC to change its regulatory standards for the crypto sector. The Crypto Basic reported that Grewal admonished the regulator to engage with exchanges directly instead of through lawsuits.
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