Following Donald Trumpâs recent victory over Kamala Harris, speculation is growing over who could replace SEC Chairman Gary Gensler, who has faced widespread criticism for his regulatory approach to crypto.
Former SEC member and current Robinhood legal chief Dan Gallagher is emerging as a preferred candidate to lead the agency in a more crypto-friendly direction.
Gensler, who has been vocal about imposing strict regulations on the cryptocurrency sector, has hinted that he will resign with the incoming Republican administration, although his term officially ends in 2026. Trump has previously vowed to fire Gensler âon the first dayâ of his presidency if elected, and has appealed to many pro-crypto views who have criticized Genslerâs âregulation through enforcementâ strategy.
Gallagher has long criticized this approach, stating at a September hearing that federal âregulatory uncertaintyâ was stifling crypto innovation in the U.S. He advocated for specific regulation for digital assets, a vision he shared on a Bloomberg Intelligence podcast in July, saying, âI could do this in a weekend of work.â
As SEC chairman, Gallagher will aim to reduce ongoing litigation against crypto firms and said he will âgo with a pretty long list of things that need to be undone.â The SEC has filed nearly 100 lawsuits against various crypto companies since 2021, including a potential lawsuit against Gallagherâs own employer, Robinhood, over its crypto trading operations. Such a transition to SEC chairman could raise questions about conflicts of interest given his position at Robinhood, but there has been no official comment on that.
Gallagher began his career as an SEC summer intern, rising to the position of commissioner in 2011 before moving into the private sector and joining Robinhood in 2020. He has since appeared at high-profile industry events, sharing his views alongside the likes of Bain Capital Cryptoâs Tuongvy Le and Coinbaseâs Chief Legal Officer Paul Grewal.
While Gallagher is the current favorite for the role, he is not the only contender. Current SEC member Mark Uyeda, who has been vocal about Genslerâs policies, is also seen as another possibility, with crypto attorney Jake Chervinsky suggesting that Uyeda has a âgood shotâ at taking the job.
*This is not investment advice.