After Donald Trump was elected as the US president, the hottest topic discussed in the cryptocurrency industry was undoubtedly whether SEC Chairman Gary Gensler would be removed from office and who would be chosen in his place.
At this point, while the crypto industry eagerly awaits Gensler's dismissal, candidates who could replace him continue to be discussed.
While a limited number of names have emerged as candidates for the new SEC chairmanship, two of them are Robinhood chief legal officer Dan Gallagher, a former SEC member, and SEC member Hester Peirce.
Trump's transition team is considering nominating Robinhood Chief Legal Officer Dan Gallagher as SEC chairman, according to Reuters.
Officials on Trump’s transition team plan to include Robinhood’s top lawyer Dan Gallagher on a shortlist to present to President-elect Trump as SEC chairman, according to people familiar with the matter.
The sources said that Dan Gallagher is not the only candidate being considered for the SEC chairmanship, and that there are other candidates as well. However, the sources added that Gallagher, who is a popular name among cryptocurrency managers who have donated millions of dollars to Donald Trump’s campaign, is currently seen as the favorite.
Gallagher is known for supporting financial innovation and market liberalization, and is particularly lukewarm on cryptocurrency regulation, advocating for treating cryptocurrencies as a separate asset class rather than strictly classifying them as securities.
Apart from Dan Gallagher, crypto-supporting Republican SEC Commissioner Hester Peirce is also seen as a strong candidate for SEC chair, but sources have stated that Hester Peirce has told many people that she does not want the SEC chair.
While Hester Peirce is also seen as a strong candidate, there has also been strong support from Coinbase CEO Brian Armstrong. Accordingly, the Coinbase CEO claimed that Hester Peirce is the right person to be SEC Chair.
Armstrong stated in his X post that Hester Peirce would be the best choice to be the new SEC Chair.
The famous CEO added that Hester Peirce was smart, fair, professional and someone he could work with regardless of whether he was left or right.
Donald Trump, who recently won the US presidential election, had previously said that if he were elected president, he would fire current SEC Chairman Gary Gensler on his first day in office.
*This is not investment advice.