Dan Gallagher, the chief legal officer at Robinhood and a former SEC commissioner, is being considered as a potential replacement for the current SEC chairman, Gary Gensler, should Donald Trump win the presidency.

Dan Gallagher: A Potential Replacement for Gary Gensler

According to Politico, Gallagher is favored by several former regulators and securities lawyers, particularly in the light of the SEC's ongoing scrutiny of Robinhood's crypto operations.

Criticism of SEC and Gallagher's Role at Robinhood

Gallagher has downplayed the SEC's investigation into Robinhood, arguing that the company has taken a conservative approach to its crypto offerings, limiting the number of tokens available and avoiding lending or staking activities. He criticized the SEC's aggressive stance, suggesting it unfairly targets compliant firms. Gallagher noted that Robinhood has intentionally forgone potential revenue by not listing more cryptocurrencies.

Future of the SEC: Possible Leadership Changes

Since Gensler's leadership started in 2021, the SEC has intensified its regulatory efforts in the crypto space, facing bipartisan calls for a change in direction. Trump has pledged to remove Gensler if re-elected, and other potential candidates for the SEC chair position include former CFTC Chair Chris Giancarlo and current SEC Commissioner Hester Peirce.

Despite the speculation surrounding his potential candidacy, Gallagher remains focused on his current role at Robinhood, expressing gratitude for the consideration while maintaining respect for Gensler.