Robinhood exec could head SEC under Trump

Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading candidate to lead the SEC if Donald Trump wins the presidency.

“He would be a natural fit,” a former senior SEC official told Politico, citing a dozen former regulators, lobbyists and securities lawyers.

Talk show host Steven Steele commented that this would be huge for crypto.

“A Trump victory would ensure a massive pro-crypto regulatory shift like we’ve never seen before.”

BREAKING: Trump campaign sources say Robinhood chief legal officer Dan Gallagher will replace Gary Gensler as SEC chairman under Trump.

A Trump victory would guarantee a massive pro-crypto shift in regulation like we’ve never seen before. pic.twitter.com/WtH7PbtGxm

— Steven Steele (@MrStevenSteele) October 7, 2024

Ending Gensler’s War on Crypto

The Robinhood executive and former SEC commissioner could face an internal battle if he secures the position, as the regulator is considering a lawsuit against Robinhood over its crypto business.

Gallagher objected to the SEC’s latest salvo against crypto companies in its ongoing war against the industry. He said the platform has a fraction of the tokens listed on other exchanges and doesn’t even offer crypto loans.

“We’ve been giving up revenue for the company to not take on listed coins, and I think that puts us in a very unique position. Shooting bonds is very bad policy.”

He also disagrees with current SEC Chairman Gary Gensler’s hard-line approach to crypto regulation, advocating for tailored rules and a registration system for crypto exchanges and brokers.

He said that if he had presided over the past two years, he would have already implemented the framework that the crypto industry has been looking for.

“I would have done things differently. I’ve known Gary for a long time and I have a lot of respect for him, but in this case I don’t agree with him.”

Michigan Republican Representative Bill Huizenga also supported the Robinhood executive, stating that “Ultimately, you want someone who is thoughtful, experienced and not just ideologically politically driven.” He added that this has been the problem with Gary Gensler.

Other candidates include former CFTC Chairman Chris Giancarlo, former SEC General Counsel Robert Stebbins and current SEC Commissioner Hester Peirce.

Trump back in front?

According to blockchain betting platform Polymarket, Trump has extended his lead to 54% over rival Kamala Harris, who is at 45.4%.

Trump’s lead is up to 8.6% in today’s odds.

He’s closing in on his biggest lead since Kamala Harris entered the race. pic.twitter.com/PpJtjyxnZ0

— Polymarket (@Polymarket) October 7, 2024

However, the YouGov poll still has Harris in the lead at 50% to Trump’s 47%. Project Fivethirtyeight also has Harris marginally ahead in the polls.

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