Trump to Replace SEC Chair Gensler Immediately, Robinhood CLO Dan Gallagher Front-runner

Nov 7, 2024, 10:51 PM

President-elect Donald Trump is considering candidates to replace SEC Chair Gary Gensler immediately upon taking office, with Robinhood's Chief Legal Officer Dan Gallagher reportedly the front-runner, according to Reuters. Gallagher, a former SEC Commissioner known for supporting financial innovation and market liberalization, is particularly lax on cryptocurrency regulation and has previously criticized Gensler's enforcement approach as "a disaster." Trump is also considering former SEC Commissioner Paul Atkins and former SEC General Counsel Robert Stebbins for the role. SEC Commissioner Mark Uyeda is seen as a strong contender by crypto lawyer Jake Chervinsky. Hester Peirce, another SEC Commissioner with strong industry backing, is reportedly not interested in the position. Trump's appointment of a new SEC Chair could signal a significant shift in the regulatory approach towards cryptocurrency and financial markets.