Robinhood CLO has shot at SEC chair: report

Robinhood’s attorney general, who once served at the SEC, could lead the regulator if President Donald Trump is re-elected next month.

Dan Gallagher, Robinhood Markets’ chief legal officer, has been named as the leading candidate to head the U.S. Securities and Exchange Commission if former President Donald Trump wins the election in November, Politico reported on Monday, Oct. 10.

Gallagher previously worked at the SEC, once as legal counsel to former SEC Commissioner Paul Atkins and also as an SEC commissioner himself from 2011 to 2015.

Gallagher was said to have put efforts into the agency’s enforcement and trading divisions during his time at the regulator. These two sections oversee the SEC’s crackdown and rule changes required to list products such as funds traded on cryptocurrency exchanges.

In his current role at Robinhood, Gallagher has criticized the watchdog’s approach to crypto regulation and registration. His testimony at a hearing last month relied on industry rhetoric as the agency threatened Robinhood with potential legal action, while accusing the SEC of refusing to provide clarity.

The conflict between the SEC and crypto industry stakeholders has deepened in recent years. On the one hand, the regulator claims that digital asset operators are not compliant.

Crypto business leaders have consistently denied this claim, arguing that current securities rules do not complement blockchain technology.

The dispute has become something of a rallying point for Trump’s crypto-focused campaign strategy. Bitcoin (BTC) The 2024 Republican candidate has promised to fire current SEC chairman Gary Gensler on his first day in office if he is re-elected.

Gensler is arguably one of cryptocurrency’s fiercest opponents and has spearheaded a series of lawsuits filed by Wall Street police against digital asset holdings.

There may be a leadership change in the SEC soon, but that development was still unclear at the time of publication. Names like SEC commissioner Hester Peirce have also emerged as possible options to replace Gensler, whose term technically runs through 2026.