Trump Administration May SEC Chairman Nominee, Robinhood Legal Chief to Replace Gary Gensler

Despite the US presidential election being less than a month away, various parties have already begun preparing their official lineup. US Republican candidate Trump has vowed to replace SEC Chairman Gary Gensler, who has been strict in regulating cryptocurrencies. There are reports suggesting that a potential SEC Chairman favored by the Trump administration could be Dan Gallagher, the Chief Legal Officer of the brokerage firm Robinhood.

Robinhood Locked in Battle with SEC, Trump Could Change the Game

Reports indicate that if President Trump successfully returns to office, Dan Gallagher, the General Counsel of the securities brokerage firm Robinhood, could be a potential candidate for the position of SEC Chairman, as mentioned by several former regulatory officials, lobbyists, and securities lawyers.

However, currently, Robinhood is embroiled in a tough battle with the SEC. The SEC is investigating whether Robinhood operated in the cryptocurrency market as an unregistered broker-dealer and clearing agency. Dan Gallagher, the Chief Legal Officer of Robinhood, is at the forefront of this scrutiny. He stated, "Robinhood offers fewer types of cryptocurrencies on its platform compared to many others, which have hundreds of varieties. Additionally, Robinhood does not provide any cryptocurrency lending or staking products."

Dan Gallagher mentioned, "We intentionally do not offer a wide range of cryptocurrencies on our platform, even though it means giving up revenue, but this puts us in a very unique position." He expressed that the SEC's attack on compliant broker-dealers like Robinhood is a terrible policy.

Trump Administration's Potential SEC Chairman Candidates: Dan, Crypto Dad, Current SEC Commissioner

The report also revealed other possible candidates, including former CFTC Chairman Chris Giancarlo, jokingly referred to as "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, representing the Republican seat on the five-person commission.

Dan Gallagher served as an SEC Commissioner from 2011 to 2015, and for some Republicans, it is only a matter of time before Dan Gallagher becomes the Chairman.

"Dan Gallagher would be a great choice," stated Michigan Republican Representative Bill Huizenga 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 towards the position of SEC Chairman if Trump wins, he commented, "He loves this job, but it is an honor to have my name mentioned in any discussion about the next SEC Chairman."