Gallagher, who served as a SEC commissioner from 2011 to 2015 under the Republican Party, is now a leading candidate to head the SEC. Currently, he oversees legal, compliance, and corporate affairs at Robinhood. Trump’s team sees Gallagher as the strongest contender for the position. However, the decision is not final, with other potential candidates such as former SEC commissioner Paul Atkins and Robert Stebbins, who served as the agency’s general counsel during Trump’s first term, also being considered.

The appointment of the SEC chair is especially important to the crypto community, which has faced increasing regulation under Gensler’s leadership. Trump had promised a more favorable stance toward the crypto industry, pledging to remove Gensler and replace him with someone more crypto-friendly.

Gallagher’s experience within the SEC and his positive stance on crypto make him an appealing choice. Politico reported that a former SEC official referred to Gallagher as “a natural choice” for Trump. Additionally, in May, Robinhood received a Wells notice from the SEC, indicating potential regulatory action over its crypto business. Gallagher has been leading the defense on this matter.

As the transition process continues, the final decision on the SEC chair is expected within the next few weeks. The crypto sector and investors are hopeful that Gallagher will take the helm at the SEC, seeing him as the most qualified candidate for the job.

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