Possible SEC Chairman Candidate for the Trump Administration Robinhoods Legal Advisor Rumored to Succeed Gary Gensler
Despite the fact that the U.S. election is less than a month away, various parties have already begun preparing for their official appointments. U.S. Republican candidate Trump has promised to replace Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), who strictly regulates cryptocurrencies. It is reported that a potential candidate favored by the Trump administration for SEC chairman would be Dan Gallagher, the general counsel of Robinhood, a securities brokerage firm.
According to reports, several former regulatory officials, lobbyists, and securities lawyers have expressed that if Trump successfully returns to the presidency, Dan Gallagher, the general counsel of Robinhood, has the potential to become one of the candidates for SEC chairman.
However, Robinhood is currently engaged in a fierce battle with the SEC. The SEC is investigating whether Robinhood operates in the cryptocurrency market as an unregistered broker-dealer and clearing agent. As the chief legal officer of Robinhood, Dan Gallagher is at the forefront. He said, “Robinhood offers fewer types of cryptocurrencies for trading on its platform compared to other platforms, which have hundreds of cryptocurrencies. Additionally, Robinhood does not offer any cryptocurrency lending or pledging products.”
Dan Gallagher stated, “We deliberately do not introduce a large number of cryptocurrencies on our platform, even though it means giving up revenue. This puts us in a very unique position.” He believes that it is a terrible policy for the SEC to attack compliant brokers.
The report also revealed other potential candidates, including Chris Giancarlo, former chairman of the Commodity Futures Trading Commission (CFTC), jokingly referred to as the “crypto dad”; Robert Stebbins, former SEC legal advisor and current partner at law firm Willkie Farr & Gallagher; and Hester Peirce, current SEC commissioner representing the Republican Party on the five-member committee.
Dan Gallagher served as an SEC commissioner from 2011 to 2015, and for some Republicans, it is only a matter of time before he becomes chairman.
“Dan Gallagher would be a great choice,” said Republican Congressman Bill Huizenga of Michigan, expressing his support for Dan Gallagher immediately after the House Financial Services Committee hearing last month. He added, “Even though we may disagree on some issues, our working relationship is still very good.”
As for whether Dan Gallagher would leave Robinhood and move on to the position of SEC chairman if Trump wins the election, he himself stated, “He loves his job, but it would be an honor to have my name mentioned in any discussions about the next SEC chairman.”
Gary Gensler
SEC
Trump
