Robinhood CLO Might Be Nominated for SEC Chair if Trump Takes Office

Robinhood Chief Legal Officer (CLO) Dan Gallagher has been reportedly mentioned as a possible replacement for Gary Gensler as the Securities and Exchange Commission chairman. Under Gensler’s leadership, the financial watchdog has maintained a tight grip on the crypto industry, sued several firms in court, and failed to issue clear regulatory guidelines.

Several top firms including blockchain company Ripple and US-based cryptocurrency exchange Coinbase have been tied up in legal battles with the agency for years with a clear end not in sight yet. This alleged anti-crypto stance by the present government of the United States has sent frustration across the industry with several prominent companies moving to other countries for haven.

However, things might take a different turn as a prominent figure in the crypto space, Gallagher has been mentioned as a potential nominee for the apex office in the SEC on the condition that Donald Trump wins the coming election.

Dan Gallagher Floated Among Others as Possible Replacements

Republican presidential candidate Donald Trump has voiced and maintained his stance for crypto, rallying the entire crypto industry behind him in his quest for office. On different occasions, he has mentioned his desire to make the United States a leader in the web3 space. He pointed out that he wants every Bitcoin to be “made in the USA.”

In this light, if he takes office following the election on November 5, there would be a shuffle of positions including the position of the chairman for the SEC. According to a recent report by CNBC, several names have been raised by crypto investors in the past weeks of potential nominees for SEC commissioner if Trump is elected for a second term.

Among the names listed is Dan Gallagher, who has previously occupied the position of SEC commissioner during Barack Obama’s two tenures. Now serving as the CLO of the investment platform Robinhood, Gallagher expressed his honor to be looked at as a possible SEC chairman in a potential Trump administration.

He stressed his love for the agency, saying that he hopes that whoever takes office tries to cement the US position as a leader in the financial innovation sector. “I care deeply about the agency, and my hope for any new SEC Chairman would be that they foster access to the markets, and ensure the U.S. remains at the forefront of financial innovation,” he said.

The possibility of Gallagher occupying the position as the SEC chairman has sent excitement across the crypto market as this would mean a more favorable environment for the growing industry to thrive.

Meanwhile, other names mentioned include J. Christopher Giancarlo and Heath Tarbert, who have both served as the Commodity Futures Trading Commission during Trump’s first term. Another name that was mentioned is that of Paul Atkins, former SEC Commissioner during President George W. Bush’s term.

It will be interesting to see how things turn out post-election as the crypto sector continues to demand favorable conditions for the asset class.