While Trump vowed in July to fire Gensler on the first day of his second administration, technically, he can’t eliminate Gensler (for no reason) until his term ends in 2026. But the president-elect’s focus on hiring a new SEC chief is cryptocurrency.

Among the people some speculate could take Gensler’s place is Dan Gallagher, Reuters reported. He previously served as an SEC Commissioner and is currently Robinhood Markets’ Head of Legal, Compliance and Corporate Affairs. Gallagher criticized Gensler’s SEC and called for changes to how the agency approaches crypto regulation.

In September, Gallagher spoke before Congress during a hearing titled “Dizzy and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.” During his prepared remarks, Gallagher called out Gensler and said the SEC has promoted “federal regulatory uncertainty that kills innovation.”

“The SEC has engaged in regulation through enforcement, which is bad for American consumers who want greater access to digital assets. It is bad for innovation in the blockchain and digital asset industry, and it is bad for the already eroding and competitive position of the US in digital asset markets,” he said during the hearing.

Robinhood did not immediately respond wealthhis request for comment.

According to Reuters, another possible candidate to take over the reins of the SEC is Paul Atkins, who was part of the Trump transition team in 2016 and was previously also an SEC commissioner. He is currently the CEO of the consulting company Patomak Global Partners.

Since 2017, Atkins has served as co-chair of the Token Alliancewhich is an initiative of the Digital Chamber of Commerce. The chamber is dedicated to promoting “the acceptance and use of digital assets and blockchain-based technologies,” according to its website.

During an interview with crypto media CoinDesk in 2022, Atkins said agreed with the SEC and Gensler’s position that Bitcoin is not a security, but also criticized Gensler’s approach to regulating crypto.

“The way the SEC is doing this, because it’s enforcing or threatening to regulate, is a real problem,” he said.

Patomak Global Partners did not immediately respond wealthhis request for comment.

Other reports they signaled names like Mark Uyeda, who started a second term as SEC Commissioner in January. Uyeda has been commissioner since 2022, when he was nominated by President Biden.

He also served in several roles at the agency, including as senior counsel to former SEC Chairman Jay Clayton and counsel to Atkins when he was commissioner in the early 2000s.

Uyeda also criticized the SEC’s approach to crypto. In an October interview with Fox Business, he called the agency’s crypto policies a “disaster,” adding that it did nothing to clarify crypto rules.

He also advocated for change at the top of the SEC to reform its crypto agenda Fox Business interview this week.

“The Commission’s war on cryptocurrency must end, including crypto enforcement actions based solely on a failure to register without allegations of fraud or injury,” he said during the interview. “President Trump and the American electorate have sent a clear message. Starting in 2025, the role of the SEC is to fulfill this mandate.”

Trump-Vance Transition Spokesperson Karoline Leavitt said in a statement to wealth that no decision has been made on Trump’s nominees

Although during his first term as president in 2019, Trump stated that he was “not a fan” of cryptocurrency and said that digital currencies are “no money”, he has since changed his mind.

Trump actively embraced crypto during his 2024 presidential campaign and also jumped right into the action by launching his own NFT projects that apparently brought him millions of dollars worth of cryptocurrencies and license fees.

Meanwhile, Gensler has managed to reach huge settlements with some crypto companies, including the benchmark 4.5 billion dollars deals with Terraform Labs and its co-founder Do Kwon in June.

However, many crypto industry leaders criticized the SEC chairman’s approach, criticizing the agency for does not provide clear guidance on crypto and filing lawsuits against companies that struggled to comply with SEC rules.

In October, Gensler hinted that he might be willing to step aside.

“Democracies have consequences, but we will continue to do what we do well at the SEC until, as I said, the umpire calls,” the SEC chairman said during a financial technology convention in Las Vegas. Reuters reported. “Traditionally, presidents decide who chairs the SEC. That’s a good part of democracy.”

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