Trump Eyes Pro-Crypto SEC Chair in 2024 – Who Tops the List?
Mustafa Mulla8 Nov 20242 min read
With Donald Trump returning to the White House for a 2nd term, new changes may be on the horizon that could benefit the crypto industry. A major campaign promise from Trump was to replace Gary Gensler as the head of the U.S. (SEC) who has been strict on crypto regulations, with a more crypto-friendly leader.
Who is ultimately going to take the helm? Sources suggest that a familiar name, Dan Gallagher, Robinhood’s current Chief Legal Officer and former SEC commissioner, could be the person to watch.
Why Dan Gallagher for SEC Chair?
Dan Gallagher, who served as an SEC commissioner from 2011 to 2015, has a solid background in regulation and a pro-crypto stance, making him popular among crypto supporters. He has been openly critical of the SEC’s approach to regulating the crypto space, especially under Gensler’s leadership.
Additionally, he has raised issues with the SEC’s internal courts, some of which were later found unconstitutional by the Supreme Court.
Gallagher has won backing from crypto industry leaders and lawmakers who see him as a strong advocate for balanced policies. Many believe his leadership would encourage innovation rather than restrict growth in the digital finance sector.
Challenges Ahead for Gallagher
While Gallagher’s credentials make him a top contender, his position as Robinhood’s legal head brings unique challenges. The SEC is actively investigating Robinhood over allegations that it has operated as an unregistered broker-dealer, a case that could complicate Gallagher’s transition to SEC chair.
Despite this, Gallagher’s pro-crypto background and familiarity with the regulatory landscape give him a clear advantage.
Other Candidates In Consideration
If Gallagher declines or isn’t chosen, other candidates are reportedly in the mix.
One is J. Christopher Giancarlo, the former CFTC chair known as “CryptoDad” for his crypto-friendly views. Another strong choice is current SEC Commissioner Hester Peirce, a long-time advocate for the industry who has voiced concerns over excessive regulations.
If Gallagher becomes SEC Chair, his leadership could reshape U.S. crypto regulation. A more supportive SEC could pave the way for policies that foster growth and innovation in the crypto market. For many in the industry, this potential shift would bring renewed optimism and a much-needed boost to the U.S.
With the possibility of a new SEC leadership on the horizon, the crypto industry may soon see a more welcoming regulatory environment.
