In what would be a massive development for the agency, Robinhood executive Dan Gallagher has emerged as the favorite to replace US Securities and Exchange Commission (SEC) Chairman Gary Gensler if Donald Trump is once again elected as president in November.
For the last several years, Gensler has formulated an anti-crypto position within the agency. The SEC, under his leadership, has firmly embraced regulation through enforcement. With the crypto market becoming a clear focus for Trump’s reelection campaign, it is likely the agency will get a new chairman amid his bid to return to the Oval Office.
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Robinhood Chief Legal Officer Dan Gallagher Favorite to Become New SEC Chair?
The last several years have seen the SEC and crypto market clash on many occasions. Indeed, the agency has sought legal action against a number of digital asset firms. The most high profile came in the form of its years-long legal battle with Ripple Labs. Although the cross-border payment firm secured a victory, the agency has recently announced its appeal to the decision.
That could change in a big way over the next year, however. Indeed, reports have suggested that Robinhood executive Dan Gallagher is favored to replace SEC Chair Gary Gensler under the Trump Administration. With the 45th President clearly embracing crypto, the agency would be expected to undergo a massive shift.
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Monday, Politico reported that Gallagher has emerged as a “natural choice,” for the position. Moreover, they note that Trump is eyeing the switch, according to regulatory, lobbyist, and securities lawyers. Gallagher had previously served as the SEC commissioner between 2011 and 2015.
Like Trump, the move would see the Robinhood executive returning to the high-profile position. It would mark a massive development for the crypto sector as well. Trump is expected to be an advocating voice for the industry if he secures reelection. Gallagher would only add to that strength.
Interestingly, Gensler and his potential replacement could be set to face off in the legal arena. The agency is contemplating a lawsuit for Robinhood. Indeed, they are investigating the company’s role as an unregistered broker-dealer and clearing agency within crypto.