In a significant development following Donald Trump’s election victory, Dan Gallagher, the current Chief Legal Officer of Robinhood, has reportedly emerged as a leading candidate for the position of Securities and Exchange Commission (SEC) Chair. This news comes as the Trump transition team prepares to reshape key financial regulatory agencies.
Gallagher is reportedly a favored candidate among crypto executives who contributed significantly to Trump’s campaign and has been vocal about the need for tailored rules for cryptocurrencies, stating he would have sought such regulations had he been SEC chair in recent years.
Under Gallagher’s legal guidance, Robinhood has maintained that the crypto assets on its platform are not securities, pushing back against potential SEC enforcement actions.
Gallagher’s potential appointment is viewed favorably by many in the crypto industry, who anticipate a shift away from the stringent policies of current SEC Chair Gary Gensler.
Known for opposing hefty fines on companies breaching securities regulations, Gallagher’s approach aligns with Trump’s promise to ease regulatory burdens.
If appointed, Gallagher’s leadership could significantly impact the SEC’s approach to cryptocurrency regulation with a move from Gensler’s enforcement-heavy strategy to a more collaborative approach with the crypto industry.
While Gallagher is a frontrunner, other names have also been floated for the SEC Chair position includes; Paul Atkins the former SEC Commissioner and significant figure in Trump’s 2016 transition. Robert Stebbins, a former SEC General Counsel during the Trump administration. Mark Uyeda, current SEC Commissioner known for criticizing the agency’s approach to crypto regulation. Chris Giancarlo, former CFTC Chair, nicknamed “CryptoDad” for his pro-crypto stance.
Trump has positioned himself as a “crypto candidate,” pledging to fire current SEC Chair Gary Gensler on his first day in office and promote Bitcoin and overhaul the SEC’s regulatory approach to cryptocurrencies.
He also promised to potentially establish a national Bitcoin reserve.
Bitcoin reached a new all-time high of $75,000 following Trump’s election victory, with the overall cryptocurrency market capitalization grew by 7% overnight, reaching $2.6 trillion as crypto-linked stocks, including Coinbase and MicroStrategy, showed strong gains in premarket trading.
