Robinhood’s Dan Gallagher Could Lead SEC If Trump Wins: Politico

Dan Gallagher, Robinhood’s Chief Legal Officer and a former SEC commissioner, has emerged as a top candidate to lead the U.S. Securities and Exchange Commission (SEC) if Donald Trump secures the 2024 presidential election, according to a Politico report published on Monday.

Today's Morning Money: Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.

The regulator could be picking a fight with its next boss, too.https://t.co/blpMh50JPE

— Declan Harty (@declanharty) October 7, 2024

Gallagher, who previously served as an SEC commissioner from 2011 to 2015, is highly regarded in Republican circles and is seen as a leading contender for the Chair.

His background in advocating deregulatory policies and raising concerns about post-financial crisis reforms has positioned him well within discussions about the future direction of the SEC.

Prominent Status in Financial and Crypto Regulation

A dozen former top regulators, lobbyists, and securities lawyers confirmed this information to Politico, with one former senior SEC official calling Gallagher “a natural choice” for the position.

Gallagher continues to play an active role in securities law, regularly advising lawmakers on regulatory issues affecting securities markets.

Gallagher has also attracted attention for 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 future direction of the SEC under a possible Trump administration.

Dan Gallagher’s Message for the SEC

The SEC is currently investigating Robinhood’s crypto business, particularly whether the company operates as an unregistered broker-dealer and clearing agency in the crypto markets.

Gallagher highlighted Robinhood’s cautious approach to listing cryptocurrencies, stating, “We’ve been forgoing revenue by not aggressively listing coins, and I believe this puts us in a unique position. Targeting companies acting responsibly is a poor regulatory policy.”

Other candidates in consideration include current SEC Commissioner Hester Peirce and former CFTC Chair Chris Giancarlo, according to the Politico report.