Potential SEC Chair: Dan Gallagher

Robinhood Chief Legal Officer Dan Gallagher could be a candidate for the U.S. Securities and Exchange Commission chair if former President Donald Trump returns to office, according to Politico.

Gallagher has emerged as a leading contender, with discussions intensifying following the SEC’s indication of potential charges against Robinhood’s crypto unit, Robinhood Crypto, which received a Wells Notice in May.

“It is an honor to have my name included in any discussion of who may be the next SEC Chairman,” Gallagher stated in an email to The Block. He emphasized his commitment to the SEC and expressed hope that a new chairman would promote access to the markets and maintain U.S. leadership in financial innovation.

Gallagher served as a Republican SEC commissioner from 2011 to 2015 and previously worked as counsel to SEC Commissioner Paul Atkins, handling enforcement and trading matters. Recently, he has criticized the SEC’s regulatory approach to digital assets.

The SEC has faced increasing tensions with the crypto industry regarding compliance and registration, consistently warning that crypto exchanges must register and labeling most cryptocurrencies as securities. Crypto firms argue that current registration processes are incompatible with their unique operational structures.

Legal actions have been taken by the SEC against major crypto firms like Coinbase, Kraken, and Binance.

During a recent congressional hearing, Gallagher revealed that Robinhood engaged in discussions with the SEC regarding their crypto operations for over a year and a half. “We heard Chair Gensler’s call to come in and register loud and clear,” Gallagher remarked, noting the lack of a published framework for registration.

Other potential candidates to replace SEC Chair Gary Gensler, should Trump win re-election, include former Commodity Futures Trading Commission Chair Chris Giancarlo, former SEC General Counsel Robert Stebbins, and current Republican SEC Commissioner Hester Peirce, who has indicated plans to leave after her term concludes in 2025, according to Axios.

The SEC has declined to comment.

Update: Oct. 7, 2:20 p.m. UTC to include that the SEC declined to comment.