Donald Trump Reportedly Considering Robinhood Executive Dan Gallagher as Next SEC Chair

In the event of a Trump victory in the 2024 presidential election, Dan Gallagher, the Chief Legal Officer of Robinhood, may be the next U.S. SEC Chairman.

Gallagher’s extensive experience at the SEC, combined with his current role at Robinhood, positions him as a significant candidate. However, his appointment could lead to conflicts with the SEC, as Robinhood faces regulatory scrutiny.

Explore how this potential leadership change could shape the future of U.S. financial regulation and the crypto market.

Dan Gallagher as the Next SEC Chair Candidate

According to reports, Donald Trump, the Republican presidential candidate, is considering appointing Dan Gallagher, the Chief Legal Officer of Robinhood, as the next Chairman of the U.S. Securities and Exchange Commission (SEC) if he wins the November presidential election.

This news was first reported by the political news site Politico, which stated, "Regulatory officials and securities lawyers have indicated that Dan Gallagher is emerging as a top candidate for SEC Chairman should Trump be re-elected."

Robinhood is a popular investment app in the U.S. that allows users to invest in cryptocurrencies, stocks, options, and ETFs. The platform is also known for its strong influence in the cryptocurrency market.

Dan Gallagher has an extensive background with the SEC, having served as an SEC commissioner from 2011 to 2015 under the Obama administration. Politico also quoted a former SEC official, stating, "Choosing Dan Gallagher seems like a natural progression."

SEC and Robinhood at Odds

Politico also noted that if Gallagher were appointed, he could face immediate conflict with the SEC. In May of this year, the SEC issued a Wells Notice to Robinhood, indicating the potential for litigation.

While it is not certain whether a lawsuit will be filed, Politico reported, "If litigation does occur, it could place significant and unfavorable attention on Gallagher."

Upon receiving the Wells Notice, Gallagher stated, "I am confident that the crypto assets listed on Robinhood are not securities." The article further explained that Robinhood handles a relatively small number of tokens and does not offer lending or staking services, suggesting that the case may not have much merit.

Additionally, the report highlighted Gallagher's clear disagreements with current SEC policies. Gallagher expressed, "I would have handled things differently. I’ve known Gary Gensler for a long time and respect him, but I disagree with him on this point."

Other Potential Candidates for SEC Chair

The Politico article also mentioned other possible candidates for SEC Chairman under a Trump administration, including:

• Chris Giancarlo, former Chairman of the Commodity Futures Trading Commission (CFTC)
• Robert Stebbins, former SEC General Counsel
• Hester Peirce, current SEC Commissioner

Trump has previously stated that, if elected, he would dismiss current SEC Chairman Gary Gensler on his first day in office. This suggests that a new SEC chair could be appointed soon after a Trump victory in the presidential election.