SEC Shake-Up: Robinhood Authorized Boss On Shortlist For Prime Spot

A significant revamp is coming to the SEC.

For a lot of causes, this yr’s US presidential elections have change into probably the most consequential for cryptocurrency. Crypto and blockchain expertise has change into an election situation, with each the Republican and Democratic candidates teasing the citizens with their plans on find out how 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 Change Fee (SEC).

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

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

Gensler In Sizzling Seat Earlier than Elections

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

With Gensler’s rising 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 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 at present 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 reputation amongst cryptocurrency bigwigs, particularly amongst Trump donors. At the very least two sources have confirmed that the previous SEC commissioner is within the working to change into the subsequent 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 property 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

Except for 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 change into the subsequent 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 studies additionally talked about Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC Common Counsel in Could 2017 — as potential Gensler alternative.

Featured picture from CNBC, chart from TradingView