Donald Trump’s transition team is reportedly considering adding Robinhood Markets’ legal boss to a shortlist of candidates to take charge of the Securities and Exchange Commission, which could see them present him as an option to the United States President-elect.
Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer who was a Republican SEC commissioner from 2011 to 2015 under the Obama Administration, is currently the Trump team’s frontrunner to replace SEC Chair Gary Gensler, Reuters reported on Nov. 7, citing people with knowledge of the matter.
Conversations are still ongoing, and also on the list is Paul Atkins, another former GOP SEC commissioner who was on Trump’s 2016 transition team and a prospect for the role at the time, along with law firm Willkie Farr & Gallagher partner Robert Stebbins, who was the agency’s general counsel during Trump’s first run as president.
Trump promised to fire Gensler “on day one” of his presidency in his pitch to the crypto industry, with many blaming the SEC boss for a heavy crypto clampdown in the last few years.
JUST IN: 🇺🇸 Donald Trump says "on day one I will fire Gary Gensler and appoint a new SEC chairman." pic.twitter.com/mVGu68e7O3
— Cointelegraph (@Cointelegraph) July 27, 2024
It’s typical for SEC chairs — who are appointed by the president — to step down after a new administration takes power. President Joe Biden appointed Gensler in 2021, and the SEC chair had earlier signaled he’d resign if Trump won, even though his term ends in 2026.
Gallagher, Atkins, Stebbins and Trump’s campaign did not immediately respond to requests for comment.
The Robinhood legal boss has been mentioned as a potential pick to head the agency before, with Politico reporting last month that a former SEC official said Gallagher would be “a natural choice” by Trump.
However, the process for who would be picked will reportedly take a few weeks, and one person told Reuters it was too early to say who would get the call.
Gallagher could be a popular choice for the crypto industry, which threw hundreds of millions of dollars into influencing the election.
In May, Robinhood said the SEC sent it a Wells notice — a warning the regulator is bringing an enforcement action — over its crypto business, a legal fight that Gallagher would lead.
Trump will be inaugurated as president on Monday, Jan. 20, 2025.
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