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In the event of a Trump victory, Dan Gallagher is likely to replace Gary Gensler as the US Securities and Exchange Commission (SEC) Chair.
Gallagher may have a tough road to potential confirmation, but crypto’s relationship with regulators is only looking rosier.
Trump’s Pledge to Replace Gensler
According to rumors from Politico, Robinhood’s Chief Legal Officer Dan Gallagher is likely to head the Securities and Exchange Commission (SEC) in the event Donald Trump wins the upcoming US election. Politico claimed this scoop came from a “dozen former top regulators, lobbyists, and securities lawyers,” all speaking anonymously.
The US Presidential Election will take place on November 5, and crypto will likely be an important issue. At the Bitcoin Conference in Nashville this July, Trump promised to remove Gary Gensler as SEC chair. This promise won raucous cheering from the crowd, seemingly taking him aback.
“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler,” Trump claimed, reacting to the crowd’s outsized approval.
A popular promise like this could electrify potential voters, and that’s a good reason for Trump to carry it out. Setting aside the legal question of whether or not Trump can unilaterally fire Gensler, there’s another obvious question. Who can replace him?
Gallagher’s Qualifications
Dan Gallagher, Chief Legal Officer at Robinhood, has already been identified as a strong contender. Before taking a job at Robinhood, Gallagher previously served as one of the SEC’s five commissioners, and a former SEC official called him “a natural choice.” Politically, he would align with a potential Trump administration.
Robinhood has also intensified its crypto strategy in the past year, making Gallagher an even stronger contender as a pro-crypto standard bearer. However, this may be politically awkward, as Robinhood has faced SEC lawsuits this year. Gallagher has already spoken out on this battle:
“It’s a dog of a case. We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position. Shooting at the good guys is a really bad policy,” claimed Gallagher.
As a result, Gallagher could face contentious confirmation hearings if he gets close to Gensler’s position. Ultimately, though, this won’t be his biggest obstacle. Before any of these things happen, Trump has to win a very contentious election.
In a moment where Trump’s Republican Party is casting itself as the pro-crypto option, Gallagher seems a real favorite. As the election approaches, however, both parties are tacking towards a crypto-friendly position. Regardless of the outcome in November, there’s a clear takeaway: the pressure is building everywhere for a new and positive direction in crypto policy.