Possible SEC Chairman Candidate Under Trump Administration Robinhoods Legal Counsel Rumored to Succeed Gary Gensler
Despite the US presidential election being less than a month away, various parties have already begun preparing for their own official appointments. US Republican candidate Trump has previously stated his intention to replace SEC Chairman Gary Gensler, who enforces strict regulations on cryptocurrencies. However, there are reports suggesting that a potential candidate favored by the Trump administration for the position of SEC Chairman is Dan Gallagher, the Chief Legal Officer of securities brokerage firm Robinhood.
The report indicates that several former regulatory officials, lobbyists, and securities lawyers have expressed that if Trump successfully returns to the presidency, Dan Gallagher, the Chief Legal Officer of Robinhood, has the potential to become one of the candidates for SEC Chairman.
However, currently, Robinhood is engaged in a bitter battle with the SEC. The SEC is investigating whether Robinhood operates in the cryptocurrency market as an unregistered broker-dealer and clearing agent. Dan Gallagher, as the Chief Legal Officer of Robinhood, is at the forefront of this battle. He stated, “Robinhood offers fewer types of cryptocurrencies for trading on its platform compared to other platforms, which have hundreds of varieties. Additionally, Robinhood does not offer any cryptocurrency lending or pledging products.”
Dan Gallagher further stated, “We intentionally do not introduce a large number of cryptocurrencies on our platform, even though it means giving up revenue. But this puts us in a very unique position.” He believes that the SEC attacking compliant brokers like Robinhood is a terrible policy.
The report also revealed other potential candidates, including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, mockingly referred to as the “Crypto Dad”; former SEC legal advisor Robert Stebbins, who is currently a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who represents the Republican Party in the five-member commission.
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 the Chairman.
“Dan Gallagher would be a great choice,” stated Republican Congressman Bill Huizenga from Michigan immediately after the House Financial Services Committee hearing last month, expressing his support for Dan Gallagher. He added, “Even though we may have differences of opinion on some issues, our working relationship is still very good.”
As for whether Dan Gallagher will leave Robinhood and move towards the position of SEC Chairman if Trump wins the election, he personally stated, “He loves this job, but it would be an honor for my name to be mentioned in any discussion about the next SEC Chairman.”
Gary Gensler
SEC
Trump
