Dan Gallagher, Chief Legal Officer for Robinhood, is reportedly a top candidate to head the agency should former President Donald Trump take office following the November election.
Dan Gallagher, Chief Legal Officer for Robinhood, is reportedly a top candidate to head the agency should former President Donald Trump take office following the November election.
People close to the matter say Gallagher, a veteran of both private practice and public service, represents a major break from the current state of affairs under SEC Chairman Gary Gensler. Trump has repeatedly vowed to fire Gensler and take a different tack on what many see as an adversarial approach to cryptocurrency.
Gallagher's background uniquely positions him for the post. He served during the Obama administration as a Republican SEC commissioner, and his career includes serving as counsel to a number of Republican appointees during George W. Bush's presidency. These days, he is leading some of Robinhood's cryptocurrency pushes amidst regulatory headwinds.
When approached for comment, Gallagher said, "It is an honor to have my name included in any discussion of who may be the next SEC Chairman." He added, "I care deeply about the agency, and my hope for any new SEC Chairman would be that they foster access to the markets, and ensure the U.S. remains at the forefront of financial innovation."
Gallagher's potential nomination holds even greater significance as he has firsthand experience with the SEC's oversight into cryptocurrency. In May, Robinhood received a Wells Notice from the SEC, which revealed that the agency is considering bringing charges against the company's cryptocurrency trading services.
That aggressive stance from the regulator towards digital asset exchanges has characterized the tenure of Gensler, whose agency has filed lawsuits against giant operators like Coinbase, Binance, and Kraken. Many onlookers said a leadership change could signal a dramatic shift in regulatory approach.
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