KEY POINTS
- Gallagher was a former SEC commissioner and is now the CLO at Robinhood
- A GOP House member believes Gallagher would be a 'great' choice
- Chris Giancarlo, Robert Stebbins, and Hester Pierce are also reportedly being considered
Talks around who Donald Trump will choose as the Chair of the U.S. Securities and Exchange Commission (SEC) if he wins in November have been rife in recent days, and a leading contender is reportedly Dan Gallagher, the chief legal officer at fintech giant Robinhood.
Speculations about who the next SEC chief comes at a time when the cryptocurrency community calls for incumbent Chair Gary Gensler to step down amid the SEC's crackdown on crypto under his leadership.
Gallagher a 'Natural Choice'?
Gallagher, who is also a former SEC commissioner, is a top choice should the Republican presidential candidate win the presidency, Politico's Morning Money reported Monday, citing a dozen former top regulators, lobbyists and securities lawyers.
A former senior SEC official said Gallagher would be "a natural choice" for a Trump government. The ex-senior official at the Wall Street regulator may have referred to Gallagher's connections in politics and experience in the SEC.
For some Republicans, Gallagher is indeed a great pick. "Dan would be great. I've had a great relationship working with him, even when we disagreed on some stuff," said Rep. Bill Huizenga, R-Mich.
Huizenga added that in the end, a government under Trump would pick "someone who's thoughtful, experienced, and not just ideologically politically driven," pointing out that it has been "the problem with Gensler."
Gallagher told the outlet that he was honored to have been included in any discussion regarding a new leader in the SEC. He went on to say that while he respects Gensler and has known him for a long time, he disagrees with the current SEC Chair in terms of his handling of the crypto industry.
News about Gallagher's supposed inclusion in a list of people whom Trump will pick as his administration's SEC chief should he win comes following the ex-president's positive transition in views regarding Bitcoin and crypto.
Other Names in the Running
While Gallagher is in the lead in talks for a potential new SEC chief pick for a potential second Trump presidency, other names have also popped up.
- Chris Giancarlo – Giancarlo is known in the digital realm as "CryptoDad." He was a former Commodity Futures Trading Commission (CFTC) Chair and is has called out financial regulators for their enforcement-first approach toward crypto.
- Robert Stebbins – A former General Counsel for the SEC, Stebbins is now a partner at the law firm Willkie Farr & Gallagher.
- Hester Pierce – Often called "Crypto Mom" by digital assets users, Pierce is a serving SEC commissioner and has disagreed multiple times with the Gensler SEC's approach toward regulating cryptocurrencies, which she said had been impeding innovation.
Robinhood's Plight with the SEC
If Trump wins in November and he does pick Gallagher, it would be interesting, considering how the fintech giant received a Wells Notice from the SEC in May over whether the company's crypto arm, Robinhood Crypto, was offering unregistered services.
At the time, the crypto community rallied behind Robinhood, with some accusing the financial regulator of weaponizing regulation to prevent the apparent broader adoption of digital assets.
