- Robinhood’s Dan Gallagher is a top contender for SEC Chair if Trump wins the 2024 election.
- The Securities and Exchange Commission is investigating Robinhood’s crypto operations, potentially impacting Gallagher’s candidacy.
- Other potential candidates include Chris Giancarlo, Robert Stebbins, and Hester Peirce.
If Donald Trump secures the presidency in 2024, Robinhood’s Chief Legal Officer, Dan Gallagher, could become the next Chairman of the U.S. Securities and Exchange Commission. Gallagher, known for his political expertise and prior experience as an SEC commissioner, has emerged as a leading candidate for the position.
His candidature represents a dramatic change in regulatory leadership, a fact insiders confirm is due to his deep experience in securities law and market regulation, making him an obvious choice for the appointment. One former Securities and Exchange Commission official went so far as to call Gallagher a “natural choice,” suggesting that his rise to the seat is all but certain in a Trump regime.
SEC’s Crypto Scrutiny: A Potential Conflict
Despite the promising candidature, the nomination of Gallagher might prove to be an awkward one as the SEC is still investigating Robinhood’s cryptocurrency business. The Securities and Exchange Commission is conducting an investigation into whether Robinhood, represented by Gallagher, has served as an unregistered broker-dealer in the crypto markets.
No charges have been filed yet, but if the agency does file a lawsuit, it could propel Gallagher into a fight with the agency he may soon oversee. Gallagher already has slammed the possible lawsuit, contending that Robinhood’s crypto offerings are much more conservative than those of rivals.
Gallacher emphasized that Robinhood had been conservative in listing only a few crypto tokens when many competitors are offering hundreds of coins. “Shooting at the good guys is a really bad policy,” he added, supporting Robinhood’s approach.
Chairman Gary Gensler has actively cracked down on the $2 trillion crypto market-which would seem to make things more difficult for Gallagher’s runway to the chairmanship.
Other Contenders
Although Gallagher has been the frontrunner, other names have floated as well. For example, there is Chris Giancarlo, former chairman of the Commodity Futures Trading Commission and an advocate for cryptocurrency, known widely for his nickname “CryptoDad.”.
Also being considered are former SEC General Counsel Robert Stebbins and current Commissioner Hester Peirce. Long viewed as a friend to the crypto industry, Peirce has been scathing in her criticism of Gensler’s approach to regulation.
In the event that Trump prevails, the battle for leadership of the agency will be one to ensure that crypto regulations and oversight of markets debates really roar back, with Gallagher right in the middle.
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