Robinhood Legal Chief Dan Gallagher Considered for SEC Chair Role under Trump Administration

Jimmy Aki
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Dan Gallagher, Robinhood’s legal head, is reportedly a top candidate for the Securities and Exchange Commission (SEC) chair under the upcoming Trump administration. Gallagher, currently overseeing legal and compliance for Robinhood, previously served as an SEC commissioner from 2011 to 2015.

Trump Eyes Dan Gallagher as Potential SEC Chair

Gallagher’s experience as a Republican SEC commissioner during the Obama administration has made him a noteworthy candidate. According to Reuters, he is considered Trump’s frontrunner in replacing Gary Gensler as SEC chair.

Other candidates on the list are Paul Atkins, a former GOP SEC commissioner, and Robert Stebbins, a former general counsel at the SEC and a current partner at Willkie Farr & Gallagher.

Sources say no final decisions have been made, with ongoing discussions expected to last several weeks.

President-elect Trump’s transition team has actively evaluated options for the SEC chair role. Gallagher is a strong contender given Trump’s pledge to dismiss the current SEC chair, Gary Gensler, immediately upon taking office.

Trump has openly criticized Gensler, mainly for his strict enforcement approach to cryptocurrency regulations, as the SEC chair has been critical of the crypto industry for unsatisfactory disclosure.

Gensler, who took the SEC chair role in 2021 under President Biden, indicated his willingness to step down if Trump won despite his term running until 2026.

Trump’s promise to fire Gensler on “day one” has fueled speculation around his potential picks for the SEC chair.

Gallagher’s background aligns with a potential shift in SEC leadership philosophy under Trump, especially on cryptocurrency issues.

His familiarity with the SEC’s operations could help streamline a policy realignment, making him a favored choice.

Gallagher has also been on the radar as a potential SEC leader in recent months. Politico noted last month that a former SEC official described Gallagher as “a natural choice” for Trump’s team.

Crypto Industry’s Support for Gallagher

Gallagher’s stance could appeal to the crypto sector, which has expressed frustration with Gensler’s regulatory measures.

The crypto industry, a vocal supporter of Trump’s stance on regulation, spent millions influencing the 2024 elections and would likely view Gallagher’s appointment favorably.

In May, Robinhood disclosed that it received a Wells notice from the SEC over its cryptocurrency operations. If Gallagher assumes the role, he would likely be a key figure in handling the SEC’s scrutiny of Robinhood’s crypto dealings.

The crypto sector’s backing could pressure Gallagher’s bid for the SEC chair position. Trump’s campaign aimed to ease regulatory pressures, particularly within the cryptocurrency space, even as the president-elect urged the U.S. to strive for crypto industry supremacy – a shift many expect Gallagher would support.

By placing Gallagher in this critical role, Trump’s administration may signal an era of lighter regulatory enforcement for digital assets.

With Trump’s inauguration scheduled for January 20, 2025, the final decision on the SEC chair is expected soon, although one source told Reuters it’s “too early to say who will get the call.”

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.