Chiara Bianchi
As the focus of voters remains on Donald Trump and the other presidential candidates, attention is shifting toward Dan Gallagher, who could potentially replace current U.S.ย Securities and Exchange Commission Chair Gary Gensler. Over the years, the SEC has been tough on the crypto industry, which has earned Gensler his share of critics. If Trump wins the election, he has pledged to fire Gensler, as stated in one of his rallies.
Even if Trump doesn’t win, there are growing rumors that Gensler could be removed from his position soon, increasing interest in who the next SEC Chair might be.
Gallagher, currently the Chief Legal Officer (CLO) of Robinhood, a popular investment platform, has emerged as a potential successor. Gallagher has become a prominent figure in the crypto industry, and with rising dissatisfaction over Genslerโs handling of the SEC’s approach to crypto, many believe a leadership change could open new opportunities for the industry.
Gallagher, a 52-year-old lawyer, has a wealth of experience, having served as one of the SECโs five commissioners from 2011 to 2015 under President Obama. He also worked as deputy director and co-acting director of the Division of Trading and Markets during his tenure. Outside of his government roles, Gallagher has held private-sector jobs, and he currently advises the Institute for Law and Economics at the University of Pennsylvania.
His diverse background and leadership experience make Gallagher a potential alternative to Gensler. In fact, Gallagher has openly criticized Genslerโs methods, suggesting in an interview that while he respects him, he would have taken a different approach, such as developing tailored rules and establishing a baseline registration system for cryptocurrency exchange platforms and brokers.
Will Dan Gallagher Replace Gary Gensler?
Former President Donald Trump has publicly vowed to remove Gensler if he returns to office, making Gensler’s position uncertain. Trumpโs comments during his campaign revealed that he wasnโt fully aware of the public discontent surrounding Gensler, and this has led some to speculate that Gallagher, who is viewed more favorably by the Trump administration, could be a viable replacement.
These rumors originated from a Politico report highlighting potential candidates for the U.S. Securities and Exchange Commission Chair role, with Gallagher at the top of the list. The report also quoted a former SEC official who described Gallagher as a “natural choice” for the position, further fueling speculation.
However, Gallagherโs current role at Robinhood could complicate matters, particularly given the ongoing legal dispute between Robinhood and the SEC. While Gallagher hasnโt indicated any immediate plans to leave Robinhood, he has expressed appreciation for being considered for the position, though he hopes the most qualified candidate will ultimately be chosen.
In addition to Gallagher, other potential nominees for the Securities and Exchange Commission chair role include K Street, Chris Giancarlo (also known as “CryptoDad”), and Robert Stebbins. However, for now, Gallagher remains one of the most talked-about candidates to succeed Gensler.
