Despite the fact that there is less than a month left until the US election, various parties have already begun preparing for their own official compositions. US Republican candidate Trump has vowed to replace SEC Chairman Gary Gensler, who strictly regulates cryptocurrencies. However, there are reports indicating that the potential candidate favored by the Trump administration for SEC Chairman is Dan Gallagher, the Chief Legal Officer of securities broker Robinhood.
Reports indicate that several former regulatory executives, lobbyists, and securities lawyers have expressed that if Trump successfully returns to the presidency, Dan Gallagher, the Chief Legal Officer of Robinhood, is one of the potential candidates for SEC Chairman.
However, currently Robinhood is in a tough 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 types. Additionally, Robinhood does not offer any cryptocurrency lending or pledging products.”
Dan Gallagher stated, “We deliberately do not launch a large number of cryptocurrencies on our platform, even though it means giving up revenue, but it puts us in a very unique position.” He believes that it is very bad policy for the SEC to attack broker-dealers that strive to comply with regulations.
The report also disclosed other potential candidates, including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, jokingly referred to as the “Crypto Dad”; former SEC Legal Counsel Robert Stebbins, who is currently a partner at 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 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 disagree on some issues, I still have a good working relationship with him.”
As for whether Dan Gallagher would leave Robinhood and move on to the position of SEC Chairman if Trump wins, he himself said, “He loves this job, but it is an honor to have my name mentioned in any discussion about the next SEC Chairman.”
Gary Gensler
SEC
Trump