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With Donald Trump stepping back into the spotlight as the Republican Presidential candidate, there is a growing clamor for changes in the crypto industry. Trump’s focus has turned to the Securities and Exchange Commission (SEC). He intends to oust the current SEC Chair, Gary Gensler.
This decision stems from Gensler’s firm stance on crypto markets, which has drawn criticism from various parts of the industry. With Trump eyeing a victory in the 2024 elections, speculation arises about who might lead the SEC next. Conversations are also growing on how these changes could impact crypto regulation in the United States.
The Gary Gensler Dilemma
Since Gary Gensler was appointed as the SEC’s Chair, he has spearheaded efforts to tighten regulations around the crypto market. This has led to a series of lawsuits and crackdowns. Under Gensler’s leadership, the SEC has taken an agressive, often confrontational, approach to crypto assets. This, according to Gensler, was aimed to protect investors from fraud and market manipulation, a claim users disagree with.
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This cautious stance has not sat well with most people, including Trump.
Notably, Gensler’s term technically ends in 2026, but a Donald Trump administration could force his departure as early as November 2024. If this happens, the road to a more crypto-friendly regulatory environment may open up. This is especially if Trump appoints a successor aligned with his views.
The Front-Runner for the SEC Chair
As the race heats up, one name has surfaced as a leading candidate for the SEC Chairmanship under Trump: Dan Gallagher. Gallagher is the chief legal officer at Robinhood and a former SEC commissioner.
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Gallagher’s candidacy has garnered support from Republicans and industry insiders alike. Many are praising his political savvy nature and experience in securities law. While Gallagher appears to be the front-runner, other names have also been floated as potential successors to Gensler.
Among them is Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC). In addition, Robert Stebbins, a former SEC General Counsel, and Hester Peirce, the current SEC Commissioner, are also contenders.
A Potential Legal Clash Between Robinhood and the SEC
Robinhood, is a platform known for democratizing access to financial markets. It offers users access to select digital tokens. Gallagher’s emergence as a potential SEC Chair came at a time when the SEC was hinting at potential legal action against Robinhoods Crypto’s business.
The agency gave Robinhood a Wells Notice in May, alleging that the company operates as an unregistered broker-dealer in the crypto market. If charges are filed, Gallagher could be placed in an awkward position. Nonetheless, Gallagher has remained defiant, warning the agency against pursuing what he calls a “dog of a case.”
