Current SEC Chairman Gary Gensler may soon leave his post as Donald Trump promises changes favorable to the cryptocurrency industry.
Trump's New Stance on Cryptocurrency
Donald Trump has drastically changed his stance on cryptocurrencies this year, which reflected in his election results. At the 2024 Bitcoin event, Trump made bold promises, including his aspiration to make the U.S. the cryptocurrency capital and his commitment to firing Gensler upon taking office.
Potential New SEC Chairman
With Trump's inauguration, Gensler is likely to resign. Dan Gallagher, currently the Chief Legal Officer at Robinhood, is a strong candidate for the new SEC Chairman. His experience with Robinhood, a company involved in cryptocurrency dealings, makes him an excellent choice. If Gallagher becomes the new SEC Chairman, he will not need to empathize with cryptocurrency companies, having firsthand knowledge of the SEC’s harsh treatment of them.
Other Possible SEC Leaders
Two other candidates are also discussed for the SEC Chair position: Paul Atkins, CEO of Patomak Global Partners, and Robert Stebbins from the law firm Willkie Farr & Gallagher. Gallagher’s long-standing candidacy may give him an advantage. Trump’s national press secretary, Karoline Leavitt, stated that names will soon be announced, urging everyone to await the announcement.
The upcoming changes in SEC leadership might significantly impact the U.S. cryptocurrency industry. Trump’s promises are drawing investor interest, and the outcomes will depend on who will take the Chairman position at the SEC.
