By
Anisha Pandey
July 4th, 2024
Gallagher is not the only individual who is being considered for the SEC Chair position.
The hierarchy at the United States Securities and Exchange Commission (SEC) may be about to change. That is, as the regulatory scene continues to unfold in the US in such a way that discussions are already springing up about the future of regulation in the country.
While regulation is the broader part of the growing discussions, potential overhauls for regulatory agencies such as the SEC itself are also part of the debate.
Word on the streets of the crypto community is that Robinhood’s Chief Legal Officer (CLO) Dan Gallagher may come in as a replacement for current SEC Chair Gary Gensler. However, even that is on the condition that Donald Trump emerges victorious in the upcoming US Presidential election.
Robinhood CLO to Take Over at SEC
Notably, the speculation about Gallagher’s upcoming appointment has all to do with his friendly stance on digital assets. However, the condition that he may only become the SEC Chair if Trump wins comes on the heels of Trump’s repeated outbursts against the approach that Biden’s administration is taking on regulation.
Interestingly, Trump himself was once a crypto critic. However, he recently changed his views about the classed assets and has been drumming support for the industry ever since. In one of his recent public commentaries, the ex-president reiterated that he remains “positive and open-minded to cryptocurrency companies”. He also charged the United States to take leadership in the area of regulation while being an example to all.
Meanwhile, Dan Gallagher has expressed his gratitude for the recognition that he is currently getting. Although he has served in various capacities within the agency, he maintains that he remains fully committed to seeing the U.S. at the forefront of financial innovation.
In a statement shared with CNBC, the Robinhood CLO noted that it is an honor to be considered for the role of SEC Chair in a potential Trump administration.
Other Potential Candidates
It might be worth noting that Gallagher is not the only individual who is being considered for the SEC Chair position. According to a CNBC report, other nominees include former CFTC heads J. Christopher Giancarlo and Heath Tarbert. Besides, there are also mentions of Paul Atkins, another notable name, in the mix of these conversations.
Overall, a key takeaway from all these nominations is that the crypto sector is gaining massive ground. As a fact, the sector appears to now have an undeniable influence, which grows by the day, in Washington.
Besides, there is a growing impatience within the crypto community. That relates to a perceived personal hatred that Gensler may have for the crypto industry. This hostile stance, for many, has continued to undermine innovation, leading to calls for his sack in the past.
In any case, a Biden reelection could mean that Gensler retains powers until further notice. Otherwise, he might be compelled to step down given the history of SEC leadership and how they change in line with changes in political administration.