Several former U.S. regulators and securities lawyers have reportedly suggested that Dan Gallagher, the chief legal officer at Robinhood, could be considered as Donald Trump’s pick to lead the SEC if the Republican candidate wins the presidential election in November.
According to sources familiar with the matter, Gallagher, a former SEC commissioner, could be a “natural choice” for the position.
Gallagher served as an SEC commissioner from 2011 to 2015 and became Robinhood’s chief legal officer in 2020. His experience within the SEC and the private sector makes him a likely contender, should Trump secure victory in November’s election.
Robinhood’s Dan Gallagher For SEC Chair
Trump has kept no secret of his plans for the SEC. He declared in the open in July that if he were to win the presidency again, he would fire Gary Gensler, the current SEC Chair, “on day one.”
Due to his views on regulating the cryptocurrency business, Gensler has been a divisive figure inside the SEC. According to Trump’s remarks, the SEC would undergo a substantial overhaul under his leadership.
According to polls conducted as of October, there is little difference between Trump and Kamala Harris, the Democratic opponent, both nationally and in key battleground states. Talks about potential leadership changes at important regulatory agencies are intensifying because the race is so close.
Even though Gallagher is now the front-runner, Trump may still consider other candidates for the SEC chair, according to former regulators. Among them are former SEC General Counsel Robert Stebbins and former Commodity Futures Trading Commission (CFTC) commissioner Chris Giancarlo. Both might contribute their wealth of financial regulation experience to a future Trump government.
One of the five current SEC commissioners, Hester Peirce, has also been floated as a potential contender. Peirce has acquired a reputation for her pro-crypto attitude and disagreeing opinions on several of the SEC’s actions under Gensler. Her nomination may indicate a change in the regulatory landscape to make it more favourable to cryptocurrencies.
Good Times for Crypto Ahead in the U.S.?
Regarding probable cabinet nominees for a 2025 administration, the Trump campaign has not yet made an official announcement. But Trump has refuted some of the rumours surrounding important posts, such as those indicating he would consider Larry Fink of BlackRock or Jamie Dimon of JPMorgan as Treasury Secretary.
Alternatively, Trump has hinted that if reelected, Tesla CEO Elon Musk would join his cabinet. Musk has displayed increased public support for Trump in recent months, including standing with him at an Oct. 5 rally.
Crypto Under Harris Administration
It’s unclear if Harris will keep Gensler in her position as SEC Chair if she wins the election in November. For the first time during her campaign, Harris stated in September that, should she be elected, she would support the digital asset sector. The SEC has been divided on the topic of cryptocurrency regulation; her administration may handle it differently.
In conclusion, the outcome of the impending US presidential election may have a big influence on the SEC’s management and, consequently, the nation’s financial regulatory landscape going forward.
The post of SEC Chair will be critical in determining regulations impacting cryptocurrencies and wider financial markets, regardless of the candidate.