Rumors are swirling that Donald Trump, if elected in the 2024 presidential race, may tap Robinhoodâs 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 ânatural choiceâ to chair the agency under a potential Trump administration, according to an Oct. 7 Politico report.
Gallagherâs name is being floated by former regulators and securities lawyers, with some suggesting his experience would align with Trumpâs potential reshaping of the SEC. Gallagher became Robinhoodâs 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. Trumpâs campaign has been critical of Genslerâs 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. Thereâs also talk of Hester Peirce, an SEC commissioner known for her pro-crypto stance, being a potential candidate.
A Pro-Crypto Administration?
While Trumpâs administration has yet to make any formal announcements about a 2025 cabinet, thereâs 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 Muskâs recent public support for the former president.
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