A top executive at trading giant Robinhood will reportedly eventually replace Gary Gensler as head of the US Securities and Exchange Commission (SEC) if Donald Trump wins the election.
According to a new Politico report, “a dozen former top regulators, lobbyists and securities lawyers” say Robinhood’s chief legal officer, Dan Gallagher, is emerging as a top contender for the SEC chairmanship if Trump were to defeat Kamala Harris in November .
Says a former senior SEC official:
“He would be a logical choice.”
Gallagher once served as SEC commissioner from 2011 to 2015, according to his biography on Robinhood’s website, and previously held other staff positions at the federal agency.
Rep. Bill Huizenga (R-Mich.) has also spoken positively about a possible Gallagher nomination.
“Daan would be great. I’ve had a great relationship with him, even when we disagreed on some things. Ultimately, you want someone who is thoughtful, experienced and not just ideologically politically driven. That, I think, is the problem with Gensler.”
Gallagher is critical of Gensler’s handling of the crypto industry in recent years, saying that if he were chairman, he would already have created clearer regulatory rules, including “a path forward for at least a basic registration system.”
“I would have done things differently. I have known Gary for a long time and have great respect for Gary, but on this point I disagree with him.
Other potential SEC lead nominees mentioned under Trump include former Commodity Futures Trading Commission (CTCT) Chairman Chris Giancarlo, former SEC General Counsel Robert Stebbins and current SEC Commissioner Hester Peirce.
Meanwhile, Robinhood may face a lawsuit from the SEC over its crypto trading, which Gallagher opposes.
“It’s quite a case. We’ve lost revenue for the company by not bringing coins to market, and I think that puts us in a very, very unique position. Shooting the good guys is a very bad policy.”
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