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Home BUSINESS

Pro Crypto Robinhood CLO to Replace Gary Gensler as SEC Chair if Trump is Elected President

Michael Juanico by Michael Juanico
October 7, 2024
in BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Robinhood’s Chief Legal Officer Dan Gallagher has emerged as a top choice to lead the SEC if Donald Trump wins the 2024 presidential election.
  • Other potential picks for Trump’s SEC chair include former CFTC chair Chris Giancarlo and current SEC commissioner Hester Peirce, both crypto advocates.
  • If appointed, Gallagher implied he would foster access to markets and ensure the US remains at the forefront of financial innovation.

Former President Donald Trump has vowed to shake up cryptocurrency regulation if he wins the 2024 election. He plans to fire current SEC Chair Gary Gensler and appoint someone more crypto-friendly. According to Politico, Robinhood’s Chief Legal Officer Dan Gallagher has emerged as the top contender for the SEC Chair position.

ICYMI: 🇺🇸 Robinhood Chief Legal Officer will reportedly replace Gary Gensler as SEC Chair if Trump is elected president pic.twitter.com/fLHsaNoAKj

— BlockNews.com (@blocknewsdotcom) October 7, 2024

Gallagher’s Crypto Credentials

Gallagher is helping lead Robinhood’s big push into the crypto space. He also previously served as an SEC commissioner under Obama and worked as counsel to several SEC commissioners under Bush. Gallagher has pledged to fight any potential SEC lawsuit against Robinhood over crypto and insists the assets they offer “are not securities.”

Other Crypto Allies in Contention

Along with Gallagher, Chris Giancarlo and Hester Peirce have been reported as potential SEC Chair picks. Giancarlo is a noted crypto advocate who chaired the CFTC under Trump. Peirce is an existing SEC commissioner who has criticized the agency’s restrictive stance on crypto. Both would likely take a more open approach to crypto regulation.

The SEC’s Hostile Stance Under Gensler

The SEC under current Chair Gary Gensler has taken an aggressive stance against the crypto industry. The agency has filed lawsuits against exchanges like Coinbase, Binance, and Kraken. Gensler has indicated plans to sue Robinhood as well over its crypto offerings. Trump has slammed Gensler’s approach and vowed to replace him if re-elected.

Conclusion

A Republican SEC Chair could drastically change the regulatory landscape for cryptocurrencies. Gallagher and other reported candidates seem open to fostering crypto innovation. However, the SEC remains a strict watchdog intent on protecting investors. A crypto-friendly Chair may still take actions to curb perceived market manipulation and fraud. But the days of outright hostility toward the asset class appear numbered if Trump regains power.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Chris GiancarloDan GallagherDonald TrumpGary Genslersec
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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