Gary Gensler, the current Chairman of the Securities and Exchange Commission (SEC), may soon be replaced, with Donald Trump’s transition team reportedly considering potential candidates.

Although Trump pledged in July to remove Gensler on the first day of a second term, he cannot technically do so without cause until Gensler’s term concludes in 2026. Cryptocurrency policy remains central to Trump’s focus in selecting a new SEC head.

Crypto Regulation Faces Criticism

Dan Gallagher, former SEC commissioner and current Chief Legal, Compliance , and Corporate Affairs Officer at Robinhood Markets, is a potential candidate, according to Reuters. Gallagher has openly criticized Gensler’s regulatory methods, particularly regarding cryptocurrency.

During a Congressional hearing in September, he argued that the SEC’s enforcement-driven approach has created uncertainty, harming innovation and weakening the United States’ position in digital asset markets.

Former SEC Commissioner Considered

Paul Atkins, another former SEC commissioner who was part of Trump’s 2016 transition team, is also reportedly under consideration. Atkins currently leads Patomak Global Partners and serves as co-chair of the Token Alliance, an industry group promoting digital asset acceptance.

In a 2022 interview, he expressed agreement with the SEC’s stance on Bitcoin ’s non-security status but criticized Gensler’s enforcement-driven regulatory strategy.

Another possible candidate is SEC Commissioner Mark Uyeda, who was reappointed in January. Uyeda has held various SEC roles, including as an advisor to former Chairman Jay Clayton. He has been outspoken in his disapproval of the SEC’s handling of crypto issues, labelling its policies a “disaster” and calling for a top-down change.

Trump Team Weighs Appointees

While Gensler has achieved high-profile settlements, including a $4.5 billion agreement with Terraform Labs, industry figures argue that the SEC’s lack of clear crypto guidelines has undermined compliance efforts.

In October, Gensler hinted at a possible departure, stating: “Traditionally, presidents decide who chairs the SEC.”

Karoline Leavitt, Trump’s transition spokesperson, stated that no final decision on potential appointees has been made.