New SEC Chairman Emerging? Trump Considers Dan Gallagher as Gensler’s Replacement

The rumor mill is in full swing as names of potential successors to Gary Gensler, the current SEC chairman, are circulating. If Donald Trump wins the election, Dan Gallagher, currently Chief Legal Officer at Robinhood and a former SEC commissioner, could become the new SEC chairman. Such an appointment would signal a more pro-crypto stance for the U.S. regulator.

Gallagher as favorite under Trump

Recent Posts suggest that Dan Gallagher, Robinhood’s current CLO, is high on the list to replace Gensler. Trump has been vocal about his support for the crypto sector of late and has criticized Biden’s strict regulations. Gallagher, who has previous experience at the SEC, said in an interview with CNBC that he is excited about the opportunity and emphasized his commitment to market access and innovation.

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Other potential candidates

In addition to Gallagher, other names are being mentioned as possible candidates for the position of SEC chairman. Among them are former CFTC chairmen J. Christopher Giancarlo and Heath Tarbert, as well as Paul Atkins. These names reflect the growing influence of the crypto sector in Washington.

Response from the crypto community

According to FOX News’ Eleanor Terrett, Gensler would be expected to step down if Trump wins, as the SEC’s leadership typically changes with the administration. ETFStore’s Nate Geraci points out that Gallagher’s experience at the SEC makes him a strong candidate under a Trump presidency. The potential appointment of a pro-crypto figure like Gallagher could lead to a more favorable regulatory environment for the crypto sector and potentially boost the market.

Robinhood’s Recent Challenges and Crypto Plans

Earlier this year, Robinhood’s crypto arm received a Wells Notice from the SEC, alleging violations of securities laws. Robinhood claims that its crypto offerings are not securities, which has sparked controversy and criticism. Despite these challenges, Robinhood’s annual crypto trading revenue is expected to grow to $80 million. Robinhood recently acquired Bitstamp, a major bitcoin exchange, for $200 million, bolstering its position in the global crypto market.

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