Dan Gallagher, the chief legal officer at Robinhood and a former SEC commissioner, is emerging as a potential replacement for SEC Chairman Gary Gensler should Donald Trump win the presidency.
According to a report by Politico, Gallagher is favored by several former regulators and securities lawyers, particularly in light of the SEC’s ongoing scrutiny of Robinhood’s crypto operations.
Gallagher has downplayed the SEC’s investigation into Robinhood, arguing that the company has taken a conservative approach to its crypto offerings, limiting the number of tokens available and avoiding lending or staking activities.
He criticized the SEC’s aggressive stance, suggesting it unfairly targets compliant firms while noting that Robinhood has intentionally forgone potential revenue by not listing more cryptocurrencies.
The SEC, under Gensler’s leadership since 2021, has intensified its regulatory efforts in the crypto space, facing bipartisan calls for a change in direction. Trump has pledged to remove Gensler if re-elected, and other potential candidates for the SEC chair position include former CFTC Chair Chris Giancarlo and current SEC Commissioner Hester Peirce.
Gallagher’s history of challenging the SEC’s regulatory framework and his experience in the industry make him a strong candidate for those looking to reshape the agency’s approach.
Despite the speculation surrounding his potential candidacy, Gallagher remains focused on his current role at Robinhood, expressing gratitude for the consideration while maintaining respect for Gensler.
