Gary Gensler is likely on the way out, and possible replacements for the chairman of the Securities and Exchange Commission are being proposed by Trump’s transition team.
While Trump promised to fire Gensler on the first day of his second administration in July, technically he can’t remove Gensler (without reason) until his term ends in 2026. But at the center of the president-elect’s focus on hiring a new SEC chief is the issue of cryptocurrency.
He is among people speculating that some may take Gensler’s place Dan Gallagher, Reuters notify. He previously served as an SEC Commissioner and is currently Robinhood Markets’ chief legal, compliance and corporate affairs officer. Gallagher has criticized Gensler’s SEC and called for a change in the way the agency deals with crypto regulation.
In September, Gallagher spoke before Congress in a hearing on the subject “Torn and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.” In prepared remarks, Gallagher called out Gensler and said the SEC had encouraged “regulatory uncertainty that kills innovation.”
“The SEC has engaged in regulation through enforcement, which is bad for American consumers who want greater access to digital assets. It’s bad for innovation in the blockchain and digital asset industries, and it’s bad for the US’s already eroding competitive position in the digital asset markets,” he said. in his hearing.
Robinhood did not immediately answer luckrequest for comment.
According to Reuters, another possible candidate to take over the reins of the SEC is Paul Atkins, who was a member of Trump’s 2016 transition team and also served as the first SEC commissioner. Currently, he is the CEO of Patomak consultancy Global partners.
Since 2017, he has served as co-president of Atkins Token AllianceIt is an initiative of the Chamber of Digital Commerce. The chamber promotes “the acceptance and use of digital assets and blockchain-based technologies,” according to its website.
In an interview with crypto media CoinDesk in 2022, Atkins he said He agreed with the SEC and Gensler’s position that Bitcoin is not a security, but also criticized Gensler’s approach to regulating crypto.
“The way the SEC is doing this, through regulation or the threat of enforcement, is a real problem,” he said.
Patoma Global Partners did not immediately respond luckrequest for comment.
Other reports They have tagged names like Mark Uyeda, who started it second term As SEC Commissioner in January. Uyeda has been a commissioner since 2022 when he was appointed by President Biden.
He has also served in various roles at the agency, including senior counsel to former SEC Chairman Jay Clayton and counsel to Commissioner Atkins in the early 2000s.
Uyeda has been critical of the SEC’s approach to crypto. In an October interview the fox Business, the agency’s crypto policy called a “disaster”, adding that he did nothing to clarify cryptographic rules.
He also advocated change at the top of the SEC to reform the crypto agenda Fox business the conversation this week
“The Commission’s war on crypto must end, including crypto enforcement actions based solely on non-registration without allegations of fraud or harm,” he said in the interview. “President Trump and the American electorate have sent a clear message. After 2025, the role of the SEC is to fulfill that mandate.”
Trump-Vance Transition Spokesperson Karoline Leavitt said luck No decision has been made on Trump’s nominees
Although in his first term as president in 2019 Trump declared that he was not a “fan” of cryptocurrencies and said that they are digital currencies. “not money”, he has since changed his mind.
Trump actively embraced crypto during his 2024 presidential campaign, and has jumped right into the action, launching his own NFT projects. It earned him millions of dollars in cryptocurrency and license fees.
Meanwhile, Gensler has been successful in reaching huge settlements with a number of crypto companies, including Landmark. 4.5 billion dollars Deal with Terraform Labs and co-founder Do Kwon in June.
However, many crypto industry leaders have blamed the SEC chairman’s approach, criticizing the agency not providing clear guidance in cryptography and filing lawsuits against companies that have struggled to comply with SEC regulations.
In October, Gensler hinted that he might be ready to step aside.
“Democracies have consequences, but we will continue to do what we do well at the SEC, as we say, until the judge blows the whistle,” the SEC chairman said at a financial technology convention in Las Vegas. Reuters notify. “Traditionally, presidents decide who is the chairman of the SEC. That’s a good part of democracy.”
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