Current SEC Chairman Gary Gensler, despite his familiarity with cryptocurrencies, has frustrated many cryptocurrency investors over the past four years. His actions have made life difficult not only for investors but also for U.S.-based cryptocurrency companies. However, Gensler’s tenure may soon come to an end, as Trump promised thousands of cryptocurrency investors months ago that he would remove him.
Trump’s New Stance on Cryptocurrency
Donald Trump has drastically changed his stance on cryptocurrencies this year, which reflected in his election results. With significant support from cryptocurrency investors, he achieved victory against Kamala Harris.
At the 2024 Bitcoin 
$98,892 event, Trump made bold promises that captured attention in July, 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. It is a common occurrence to see leaders of key institutions like the SEC step down during administration changes, a pattern also observed in 2020 and previous years. Although unofficial, this trend has consistently repeated itself.
If Gensler does not resign, Trump may ask him to step down. As a last resort, Trump could appoint someone to take Gensler’s place in a passive role. Gensler has gained widespread disapproval due to his regulatory approach towards cryptocurrencies; the question remains about who will succeed him.
Reports suggest that 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.
Two other candidates are also discussed for the SEC Chair position.
- Paul Atkins, CEO of Patomak Global Partners
- 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.
