Donald Trump

President Donald Trump

Elon Musk

Robinhood’s chief attorney, who once served at the SEC, could lead the regulator if President Donald Trump is re-elected next month.
Robinhood Markets’ chief legal officer Dan Gallagher has been mentioned as a leading chair candidate at the U.S. Securities and Exchange Commission should former President Donald Trump win the election in November, Politico <a href="https://www.politico.com/newsletters/morning-money/2024/10/07/the-crypto-executive-who-could-soon-be-running-the-sec-00182663" target="_blank" rel="noopener noreferrer nofollow">reported</a> on Monday, Oct. 10.
Gallagher has worked at the SEC before, once as a legal advisor to former SEC Commissioner Paul Atkins and also as an SEC commissioner himself from 2011 to 2015.
Gallagher was said to have deployed efforts toward the agency’s enforcement and trading divisions during his time at the regulator. These two divisions oversee SEC crackdowns and rule changes required to list products like crypto exchange-traded funds.
You might also like: <a rel="noopener noreferrer nofollow" href="https://crypto.news/sec-enforcement-director-gurbir-grewal-resigns/"> SEC enforcement director Gurbir Grewal resigns </a>
In his current role at Robinhood, Gallagher has criticized the watchdog’s approach to crypto regulation and registration. His testimony at a <a rel="noopener noreferrer nofollow" href="https://crypto.news/reps-grill-gensler-and-rogue-sec-on-crypto-oversight/">hearing</a> last month piled upon industry rhetoric, accusing the SEC of refusing to provide clarity while the agency <a href="https://crypto.news/sec-issues-wells-notice-to-robinhood-crypto/" target="_blank" rel="noopener noreferrer nofollow">threatened</a> Robinhood with potential legal action.
Strife between the SEC and crypto industry stakeholders has only deepened in recent years. On the one hand, the regulator claims that digital asset operators are non-compliant.
Crypto business leaders constantly rebuff the assertion, arguing that existing securities rules do not complement blockchain technology.
The disagreement has become somewhat of a rallying point for Trump’s crypto-focused campaign strategy. At Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) 2024, the Republican candidate <a href="https://crypto.news/goodbye-gary-donald-trump-vows-to-fire-sec-chief-if-elected/" target="_blank" rel="noopener noreferrer nofollow">promised</a> to fire current SEC chair Gary Gensler on day one in office, if re-elected.
Gensler is arguably one of crypto’s fiercest opponents and has led the Wall Street cop in a <a href="https://crypto.news/sec-crypto-fines-spiked-3018-in-one-year/" target="_blank" rel="noopener noreferrer nofollow">deluge</a> of lawsuits against digital asset entities.
A change of leadership at the SEC may soon happen, but the development was still uncertain at the time of publishing. Names like SEC commissioner Hester Peirce have also emerged as possible options to replace Gensler, whose term technically runs until 2026.
Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/trump-extends-lead-on-polymarket-after-pivotal-speech-with-elon-musk/"> Trump extends lead on Polymarket after pivotal speech with Elon Musk </a>

Robinhood CLO has shot at SEC chair: report

crypto.news

Other articles published on Oct 7, 2024

Bitcoin Flips Green for October After Reclaiming $63,000 Price Target, Analysts Identify Start of...

Sui price soars as Bybit adds SUI on Launchpool

Price Prediction of Musk X Empire (XEMP): Potential Listing in October

Renowned Analyst Suggests “History May Be Repeating Itself” for Dogecoin—Here’s His Outlook

Solana’s New Web3 Smartphone "Seeker": What You Need to Know

Market Analysts Predict Bitcoin and Ethereum Trends

Join our free newsletter for daily crypto updates!