With President-elect Donald Trump preparing for his second term, rumors are swirling about possible replacements for Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC). Trump, who previously vowed to remove Gensler due to his critical stance on crypto, cannot officially fire him without cause before his term ends in 2026. However, there is speculation that Gensler might step down, and Trump’s transition team has already hinted at potential successors who could reshape the SEC’s approach to cryptocurrency regulation.
One name being floated is Dan Gallagher, former SEC commissioner and current chief legal officer at Robinhood Markets. Gallagher has been outspoken about his disapproval of Gensler’s crypto policies, describing the SEC’s regulatory approach as “innovation-killing” and “uncertain.” In a recent Congressional hearing, Gallagher argued that the SEC’s enforcement-focused strategy harms both American consumers and the broader blockchain industry by limiting access to digital assets and hindering innovation.
Paul Atkins is another possible candidate for the SEC chair position. A member of Trump’s 2016 transition team, Atkins is CEO of Patomak Global Partners, a consultancy firm, and has a history of advocating for digital assets. As co-chair of the Token Alliance, a Chamber of Digital Commerce initiative, Atkins has championed the acceptance of blockchain technology. Though he aligns with the SEC’s view that Bitcoin is not a security, he has criticized Gensler’s “regulation through enforcement” approach.
Another potential replacement is Mark Uyeda, an SEC commissioner since 2022. Uyeda has voiced strong disapproval of the SEC’s handling of crypto, recently calling the agency’s approach a “disaster” in a Fox Business interview. He advocates for a complete overhaul of the SEC’s crypto policies and has suggested that the Commission’s current “war on crypto” should end, emphasizing that enforcement actions without fraud allegations harm the industry. Uyeda’s background includes advisory roles to past SEC chairs, giving him deep institutional knowledge.
Trump’s pro-crypto stance marks a notable shift from his initial skepticism of digital assets. In his first term, he was openly critical of cryptocurrencies, claiming they weren’t “real money.” However, Trump’s 2024 campaign embraced crypto more fully, with the president-elect even launching his own NFT projects, reportedly generating millions in revenue. His victory has emboldened crypto advocates who hope for regulatory clarity and support.
In contrast, Gensler’s time at the SEC has been marked by major settlements with crypto companies, such as the $4.5 billion settlement with Terraform Labs and its co-founder Do Kwon in June. Yet, his critics argue that his regulatory strategy has been more about enforcement than guidance, leaving many crypto firms frustrated by unclear rules and increased litigation.
As the nation prepares for Trump’s new administration, the question of whether Gensler will continue as SEC chairman looms large. Although Gensler hinted at a willingness to step aside, he has maintained that he will serve until his role is reassigned, stating, “Traditionally, presidents decide who chairs the SEC.” Trump’s choice of SEC leader could redefine the U.S. crypto landscape and signal a new era for the industry.
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