Robinhood's Chief Legal Officer, Dan Gallagher, is emerging as a leading contender to head the SEC if Donald Trump wins the presidency.
“He'd be a natural choice,” one former senior SEC official told Politico, which cited a dozen former top regulators, lobbyists, and securities lawyers.
Talkshow host Steven Steele commented that this would be huge for crypto.
“A Trump victory would ensure a massively pro-crypto shift in regulation to the likes of which we've never seen before.”
BREAKING: Sources inside the Trump campaign are saying that Robinhood's Chief Legal Officer Dan Gallagher will replace Gary Gensler as SEC Chair under Trump.
A Trump victory would ensure a massively pro-crypto shift in regulation to the likes of which we've never seen before. pic.twitter.com/WtH7PbtGxm
— Steven Steele (@MrStevenSteele) October 7, 2024
Ending Gensler's War on Crypto
The Robinhood executive and former SEC commissioner could face an internal battle if he secures the position since the regulator is considering a lawsuit against Robinhood over its crypto business.
Gallagher objected to the SEC's latest salvo against crypto companies in its ongoing war against the industry. He said the platform has a fraction of the tokens that other exchanges list and doesn't offer crypto staking or lending.
“We've been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very unique position. Shooting at the good guys is a really bad policy.”
He also disagrees with current SEC Chair Gary Gensler's heavyhanded approach to crypto regulation, arguing for tailored rules and a registration system for crypto exchanges and brokers.
He said that if he had been chair over the past couple of years, he would have already implemented the framework that the crypto industry has been seeking.
“I would have done things differently. I've known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”
Republican Representative for Michigan Bill Huizenga also endorsed the Robinhood executive, stating that “Ultimately, you want someone who's thoughtful, experienced, and not just ideologically politically driven.” He added that this has been the problem with Gary Gensler.
Other candidates include former CFTC Chairman Chris Giancarlo, former SEC General Counsel Robert Stebbins, and current SEC Commissioner Hester Peirce.
Trump Back Infront?
According to blockchain betting platform Polymarket, Trump has extended his lead to 54% over rival Kamala Harris who is on 45.4%.
Trump's lead is up to 8.6% in the odds today.
He's nearing his biggest lead since Kamala Harris entered the race. pic.twitter.com/PpJtjyxnZ0
— Polymarket (@Polymarket) October 7, 2024
However, the YouGov poll still has Harris in the lead with 50% to Trump's 47%. Project Fivethirtyeight also has Harris marginally ahead in the polls.