It has been reported that Trump's team is considering Dan Gallagher as a potential new SEC Chair to replace Gary Gensler. However, this change might not happen immediately, as Gensler could remain until the end of his term in 2026.
Trump's stance and potential leadership change
During his presidential campaign, Donald Trump vowed to fire Gary Gensler if elected. Gensler is known for his strict stance on the crypto industry. However, Gensler has expressed a desire to stay until the end of his term in 2026.
Potential candidate: Dan Gallagher
Dan Gallagher, a former SEC commissioner, is known for advocating the classification of cryptocurrencies as a separate asset class. He is currently the chief legal and compliance officer at Robinhood and is a popular pick among crypto executives.
Legal aspects of Chair change
According to US law, a president cannot fire an executive agency commissioner without cause. This also applies to Federal Reserve Chair Jerome Powell, who was appointed by Trump in 2018.
Changes in the SEC and other agencies' leadership are often tied to shifts in the White House. However, appointing a new chair requires adherence to legal procedures, which may affect the timing of power reassignment.
