Here's Who Is Likely to Replace Gensler

According to a recent report by Reuters, SEC Commissioner Hester Peirce is not interested in spearheading the agency. 

Peirce, who has been amicably dubbed "Crypto Mom," has emerged as one of the top contenders to replace SEC boss Gary Gensler. 

For now, Dan Gallagher, chief legal officer at Robinhood, is reportedly the leading contender to get the top SEC job. 

Gallagher has served almost four years as an SEC commissioner (from November 2011 to October 2015). After parting ways with the agency, he became the chief legal officer at global generic and specialty pharmaceuticals company Mylan.

In May 2020, Robinhood ended up hiring Gallagher as its top lawyer.

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Former SEC Commissioner Paul Atkins is also among the potential contenders for replacing Gensler.

Gallagher has secured a lot of bakers within the cryptocurrency industry due to this crypto-friendly stance. 

Gensler, who taught a blockchain course at MIT, was also initially seen as a crypto-friendly pick. However, his agency ended up bringing lawsuits against multiple cryptocurrency companies, including cryptocurrency exchange Coinbase. 

Due to his hostile anti-crypto stance, Gensler ended up becoming the key enemy of the fledgling industry, with many crypto bosses accusing him of hampering innovation. The SEC boss, however, has repeatedly stressed that crypto businesses should comply with the existing securities laws and provide consumers with proper disclosures. 

Gensler is expected to step down before Jan. 20. His term is expected to end in early June. However, he will likely resign voluntarily in the near future.