Dan Gallagher, Robinhood’s Chief Legal Officer, is emerging as the front-runner to replace Gary Gensler as U.S. SEC Chair under the Trump administration, with the transition expected soon after Trump assumes office in January 2025. Gensler’s resignation is anticipated by the end of this year, fueled by growing dissatisfaction within the crypto community.
Gallagher, who previously served as a Republican SEC Commissioner from 2011 to 2015, is known for his pro-innovation stance, which has earned him significant backing within the crypto industry. His approach advocates for a lighter regulatory framework and more flexibility for digital assets, aligning with the industry’s desire for less stringent oversight. Gallagher’s support for treating digital assets as a separate asset class, rather than classifying them as securities, signals a potential shift toward more crypto-friendly policies. This could pave the way for resolving the SEC’s ongoing lawsuit with Ripple and possibly lead to the approval of a spot XRP ETF.
Gallagher’s candidacy has garnered strong support from crypto executives, including those who backed Trump’s political campaign this year. While some in the crypto community hope for SEC Commissioner Hester Pierce, affectionately known as “Crypto Mom,” to take the chair, sources say she has declined the offer. Other names in the mix include Republican SEC Commissioner Mark Uyeda, former SEC Commissioner Paul Atkins, and Robert Stebbins, who served as SEC General Counsel under Trump’s first administration.
While Gensler’s term is set to run until 2026, sources indicate he is likely to step down sooner, making Gallagher’s potential appointment a significant development for the crypto industry. The shift in leadership could mark a new era for cryptocurrency regulation, with policies more favorable to innovation and market growth.
Related topics:
Ripple CEO Brad Garlinghouse Celebrates ‘Crypto Voter’ Era, Hints at End of SEC Lawsuit
COW and CETUS Prices Surge After Binance Listing: Can the Rally Last?
Kamala Harris Defeated in 2024 U.S. Presidential Election: Trump’s Victory Fuels Crypto Optimism
