Dan Gallagher, Robinhood's Chief Legal Officer, is a leading candidate for SEC Chair if Trump wins the 2024 presidency.
Gallagher's SEC candidacy may be impacted by ongoing scrutiny over Robinhood's crypto operations and possible legal action.
Other contenders for SEC Chair include Chris Giancarlo, Robert Stebbins, and Hester Peirce, but Gallagher leads with his regulatory experience.
Robinhood’s Chief Legal Officer, Dan Gallagher, is a top contender for the role of U.S. Securities and Exchange Commission (SEC) Chair if Donald Trump wins the 2024 presidential election.
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Gallagher, a former SEC commissioner, has gained support from key Republican figures for his candidacy, including Rep. Bill Huizenga (R-Mich.). His candidacy is emerging amidst potential SEC scrutiny over Robinhood's growing involvement in the crypto market, a development that could complicate his path to the top SEC post.
SEC Scrutiny on Robinhood’s Crypto Business
While Gallagher’s candidacy is gaining momentum, the SEC is currently weighing potential legal action against Robinhood’s crypto operations. The SEC is investigating whether Robinhood is functioning as an unregistered broker-dealer and clearing agency in the crypto space. Charges are not certain, but a lawsuit could bring Gallagher into the spotlight.
Gallagher, however, disputes the SEC’s stance on Robinhood’s crypto activities, stating that Robinhood's restrained approach to listing tokens sets it apart from competitors. He has argued that Robinhood avoids riskier ventures such as crypto lending or staking, positioning the company in a more favorable light.
Other Contenders for SEC Chair Role
Alongside Gallagher, other notable names are being considered for the SEC Chair role. Former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo, who earned the moniker “CryptoDad” for his support of blockchain technology, is in the mix.
Robert Stebbins, a former SEC General Counsel, and current SEC Commissioner Hester Peirce are also potential candidates. Despite the competition, Gallagher is viewed as a leading contender, with his extensive regulatory experience making him an appealing option for the role.
Gallagher’s Vision for Crypto Regulation
Gallagher has expressed clear differences with the SEC’s current approach to regulating cryptocurrencies. He has openly disagreed with SEC Chair Gary Gensler’s handling of the sector, advocating instead for tailored rules that would provide a registration framework for crypto exchanges.
He believes these changes would offer a clearer path forward for the crypto industry, though he acknowledges that legislative action would still be necessary to fully address regulatory concerns.
If appointed, Gallagher could face challenges during the confirmation process, with Democrats likely to scrutinize his connections to Robinhood and his industry background. However, his supporters argue that his blend of government and industry experience positions him well to lead the SEC during a critical period of financial and crypto regulation.
