Dan Gallagher, Robinhood’s general counsel and a former SEC commissioner, has emerged as a leading candidate to head the U.S. Securities and Exchange Commission (SEC) if Donald Trump secures a victory in the 2024 presidential election, according to a Politico report published Monday.
Gallagher, who previously served as SEC commissioner from 2011 to 2015, is highly regarded in Republican circles and is seen as a leading candidate for the chairmanship. His track record of advocating deregulatory policies and raising concerns about post-financial crisis reforms puts him in a good position in discussions about the future direction of the SEC.
Outstanding status in financial and cryptocurrency regulation
More than a dozen former top regulators, lobbyists and securities lawyers confirmed the news to Politico, with one former senior SEC official calling Gallagher a “natural choice” for the post.
Gallagher continues to play an active role in securities law, regularly advising lawmakers on regulatory issues affecting the securities markets. He has also attracted attention with his views on digital assets and blockchain, areas of growing importance as these sectors face increased regulatory scrutiny.
His potential appointment has sparked broader discussions among legal experts and industry insiders about the SEC’s future direction under a possible Trump administration. The SEC is currently investigating Robinhood ‘s cryptocurrency activities, in particular whether the company is operating as an unregistered broker-dealer and clearing agency in the cryptocurrency markets.
Gallagher emphasized Robinhood’s cautious approach to listing cryptocurrencies, stating: “We have been giving up revenue by not listing coins aggressively, and I think that puts us in a unique position. Targeting companies that are operating responsibly is bad regulatory policy.”
Other candidates under consideration are current SEC Commissioner Hester Peirce and former CFTC Chairman Chris Giancarlo, according to a Politico report.