Rumors are swirling that Donald Trump, if elected in the 2024 presidential race, may tap Robinhood’s Chief Legal Officer, Dan Gallagher, to lead the U.S. Securities and Exchange Commission (SEC). Gallagher, who served as an SEC commissioner from 2011 to 2015, is reportedly seen by some as a “natural choice” to chair the agency under a potential Trump administration, according to an Oct. 7 Politico report.

Gallagher’s name is being floated by former regulators and securities lawyers, with some suggesting his experience would align with Trump’s potential reshaping of the SEC. Gallagher became Robinhood’s CLO in 2020, a pivotal time as the trading platform gained significant attention.

Shake-up at the SEC?

In July, Trump publicly stated that if he wins the 2024 election, one of his first moves would be to fire current SEC Chair Gary Gensler. Trump’s campaign has been critical of Gensler’s regulatory approach, particularly regarding cryptocurrency. With polls showing a tight race between Trump and Vice President Kamala Harris, any changes in SEC leadership could significantly impact regulatory policies.

In addition to Gallagher, other names reportedly being considered for the SEC chair include Chris Giancarlo, former chair of the Commodity Futures Trading Commission, and Robert Stebbins, former SEC General Counsel. There’s also talk of Hester Peirce, an SEC commissioner known for her pro-crypto stance, being a potential candidate.

A Pro-Crypto Administration?

While Trump’s administration has yet to make any formal announcements about a 2025 cabinet, there’s speculation that it could adopt a more crypto-friendly approach. Some have even suggested that Elon Musk might play a role in a Trump-led government, following Musk’s recent public support for the former president.

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