- 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.
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.
