Dan Gallagher, who is the chief legal officer at Robinhood and was a commissioner on the Securities and Exchange Commission (SEC), has become a strong candidate to lead the SEC if Donald Trump wins the election for president. Trump has said that he wants to fire SEC Chair Gary Gensler on his first day in office, which has led to more rumors about Gallagher’s possible role in shaping the future of the regulatory body.
Gallagher was on the SEC from 2011 to 2015, and he started working at Robinhood in 2020. Former regulators and securities lawyers say he would be a “natural choice” for the job because of his background and knowledge of both regulations and the world of digital assets. New reports show that Trump and Vice President Kamala Harris are running very close in key states. This makes the upcoming election even more interesting.
Along with Gallagher, Chris Giancarlo, who used to be the chair of the Commodity Futures Trading Commission, and Robert Stebbins, who used to be the general counsel of the SEC, are also being talked about. Hester Peirce, who is known for being pro-crypto, is also being considered. This suggests that the SEC could move in a pro-crypto way under Trump.
The Trump campaign hasn’t said for sure who will be in his cabinet, but it has rejected reports that high-profile people like Jamie Dimon and Larry Fink would be good choices for Treasury Secretary. Additionally, Trump’s team has said that Elon Musk could make a big difference in his re-election, especially since Musk recently spoke out in support of Trump.
If Harris wins, it’s still not clear if she will keep Gensler as SEC Chair. She recently said she wants to support the digital asset business. This could make her think about new leadership at the SEC, especially since Gensler’s method to regulating cryptocurrencies is still being criticized.
