Robinhood Chief Legal Officer Dan Gallagher could be the next U.S. Securities and Exchange Commission chair if former President Donald Trump is back in office next year, according to Politico.
Gallagher has become a top contender for that spot, Politico reported on Monday. That would be an interesting move given that the SEC signaled charges could be incoming. Robinhood's crypto unit, Robinhood Crypto, received a Wells Notice from the SEC in May.
“It is an honor to have my name included in any discussion of who may be the next SEC Chairman," Gallagher said in an emailed statement to The Block. "I’ve had the privilege to serve in various roles at the SEC, including as a commissioner. I care deeply about the agency, and my hope for any new SEC Chairman would be that they foster access to the markets, and ensure the U.S. remains at the forefront of financial innovation.”
Gallagher was previously a Republican SEC commissioner from 2011 to 2015. Before that, he was counsel to SEC Commissioner Paul Atkins and also worked on issues involving the SEC's enforcement division and trading division. More recently, Gallagher has criticized the agency's approach to regulating digital assets.
Tensions between the SEC and the crypto industry have grown over the years on whether it's possible to register with the agency and be compliant with its rules. The SEC has consistently warned that crypto exchanges need to register with the agency and has said that most cryptocurrencies are securities. Meanwhile, crypto firms have argued it's not possible to register with the agency, in part because rules were made for more traditional entities that are different from the digital asset industry.
The SEC has also taken legal actions against big crypto firms including Coinbase, Kraken and Binance.
Gallagher told lawmakers during a congressional hearing last month that Robinhood had calls and discussions with the SEC for a year and a half to discuss its crypto business.
"We heard Chair Gensler's call to come in and register loud and clear," said Gallagher. "Admittedly I scratched my head a bit because there was no established regime, at least published regime, but being seasoned securities lawyers, we thought we'll just roll up our sleeves."
Other names to take SEC Chair Gary Gensler's spot if Trump is elected include former Commodity Futures Trading Commission Chair Chris Giancarlo, former SEC General Counsel Robert Stebbins and current Republican SEC Commissioner Hester Peirce. Peirce has said she plans to leave the agency after her term ends in 2025, according to Axios.
The SEC did not immediately respond to requests for comment.
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