Will Trump Victory Revitalize Cryptocurrencies? This Name Could Be the Leading Name
A clash is expected between the U.S. Securities and Exchange Commission (SEC) and popular online trading platform Robinhood. The leading role in this clash is played by Robinhood’s chief legal officer and potential SEC chairman candidate Dan Gallagher.
Dan Gallagher is seen as one of the strongest candidates for SEC chairman if Donald Trump is re-elected, according to former top regulators, lobbyists and securities lawyers. “He would be a natural choice,” said a former top SEC official, adding that Gallagher is a suitable candidate for the chairmanship.
However, Gallagher’s first encounter with the SEC may not be in the chairmanship seat, but perhaps in a legal battle. The SEC is investigating Robinhood’s rapidly growing cryptocurrency activities and is investigating whether it operates as an unlicensed broker and clearing agent. Although no charges have been finalized, if the SEC files a lawsuit, it could be a legal battle that will draw attention to Gallagher’s potential presidential race.
Gallagher criticizes cryptocurrency policy
Gallagher’s views on the SEC are quite clear. He criticizes the lack of rules specific to the cryptocurrency sector and states that if he were the chairman, he would have prepared a roadmap that was faster and more responsive to the demands of the sector. He also argues that at least a basic registration system should be created for crypto exchanges and brokers. Gallagher still thinks that laws are needed even if these regulations are made.
“I would do things differently,” Gallagher says, adding that he respects SEC Chairman Gary Gensler but that they have different views on their approaches to crypto.
