For months, Donald Trump has made it clear that, if he returns to the White House, Gary Gensler’s reign as SEC chair would be over. The former president plans to overhaul the agency’s approach to crypto, and now, a potential successor has surfaced: Dan Gallagher, Chief Legal Officer at Robinhood.
Robinhood’s Crypto Lead in Line for SEC Chair
Dan Gallagher, no stranger to crypto, could be Trump’s top pick to lead the U.S. Securities and Exchange Commission. Gallagher has already helped steer Robinhood deeper into the crypto waters. But he’s also a veteran of the SEC, having served as a Republican commissioner during the Obama years. Before that, Gallagher was in the legal trenches, advising Republican SEC appointees during George W. Bush’s presidency.
According to Politico, Gallagher’s name is now circulating among D.C. insiders as Trump’s favorite for the top SEC gig. And Gallagher didn’t deny it. In a statement shared with Decrypt, he said it was “an honor” to be part of the conversation and added that he cares deeply about the SEC. His main priority, should he take the role, would be to keep U.S. markets open and push forward financial innovation, which could mean a less hostile stance toward crypto.
Robinhood vs. SEC: Gallagher’s Crypto Clash
Gallagher’s history with the SEC has already included some crypto drama. Back in May, Robinhood got a Wells Notice from the SEC, signaling that the agency was gearing up to sue the platform for its crypto offerings. Despite the looming legal storm, Gallagher stood firm, vowing to fight any SEC lawsuit. He also made it clear that, in his view, the digital assets listed on Robinhood weren’t securities.
So far, the SEC hasn’t pulled the trigger on Robinhood, but it has filed lawsuits against major players like Coinbase, Binance, and Kraken. If Gallagher ends up at the SEC, we could see a sharp pivot away from Gensler’s hardline approach toward the crypto industry.
Other potential candidates on Trump’s shortlist include Chris Giancarlo, former CFTC chair and a strong crypto advocate, and Hester Peirce, known as “Crypto Mom” for her opposition to Gensler’s crackdown on digital assets.
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