Trump Promises To Fire Gary Gensler On “Day One” Of Presidency

Current SEC chair Gensler has led the regulator in a multi-year battle against US companies operating in the crypto industry

The Donald Trump transition team is considering Dan Gallagher, Robinhood Markets’ chief legal and compliance officer, as a potential successor to Securities and Exchange Commission (SEC) chair Gary Gensler.

Gallagher, a former Republican SEC commissioner under the Obama administration, is the leading candidate on Trump’s shortlist, according to a Nov.7 report by Reuters.

Trump Promises To Fire Gary Gensler On “Day One” Of Presidency

Current SEC chair Gensler has led the regulator in a multi-year battle against US companies operating in the crypto industry, opting for a regulation-by-enforcement approach. That’s made him widely despised in the crypto industry.

To win over crypto voters leading up to the US election, Trump promised to fire Gensler on his first day in office, and to appoint a new SEC chair who “will not block the future.”

BREAKING: Donald Trump to fire Gary Gensler and hire pro-Bitcoin administration. pic.twitter.com/KxUYoBM65s

— Jordan Harmon (@JordanHarmon) July 27, 2024

Although Gensler’s current term extends through 2026, it’s usual practice for SEC chairs who were appointed by a previous a president to step down when a new administration takes power. Gensler has also already signaled that he would resign if Trump was elected for a second term.

Another Former SEC Commissioner On Trump Administration’s List Of Candidates

Conversations are reportedly still ongoing within the Trump transition team, with another former SEC commissioner also on the Trump administration’s shortlist of candidates.

Paul Atkins, a former GOP SEC commissioner that was on Trump’s 2016 transition team, as well as Willkie Farr & Gallagher partner Robert Stebbins are being considered for the role of new SEC chair as well, Reuters reported.

Other candidates include Federal Reserve governor Michelle Bowman and Republican Chairman of the Federal Deposit Insurance Corporation Board Jonathan Gould.