Following Donald Trump’s win, the cryptocurrency community is eagerly awaiting news about the new chair of the Securities and Exchange Commission (SEC). One of Trump’s promises to the industry was to replace Gary Gensler, the chairman of the SEC with someone more liberal towards the cryptocurrency market. While there are several conjectures about who would take over the SEC, a new name has been surfacing.
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Will The SEC Start A New Chapter Soon?
As the citizens of America prepare for the transition in the government, the cryptocurrency industry has been sitting on the edge. Paul Atkins, a former SEC commissioner who is presently leading consultancy company Patomak Global Partners, and Dan Gallagher, the chief legal officer of Robinhood, are among the leading contenders for the position of chair of the SEC.
It should be noted that Gallagher was also part of the SEC, similar to Atkins. Gallagher served as a Republican SEC commissioner from 2011 to 2015. He is currently Robinhood’s top legal and compliance officer.
Several other names were also being considered for this role. Willkie Farr & Gallagher partner Robert Stebbins was the SEC chief counsel during Trump’s prior presidency. ‘Crypto Mom’ Hester Peirce is also on the list. But prominent cryptocurrency attorney Jake Chervinsky dismissed the same and said,
“Being SEC chair is a pretty hard, thankless, miserable job tbh. Some commissioners might want it (Uyeda) but others might feel they’ve done their time and are ready to move on to greener pastures.”
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When Will Gary Gensler Step Down?
SEC chair Gensler is probably one of the most detested individuals in the cryptocurrency space. This is primarily because he insists that the agency already has enough rules and regulations in place for the sector. On February 3, 2021, current President Joe Biden nominated Gensler. Following this, on April 14, the Senate ratified his nomination and on April 17, he was sworn in.
Although Gensler has indicated that he intends to leave with the next administration, his tenure ends in 2026.
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