Dan Gallagher Emerges as Top Candidate for SEC Chair Under Trump
Dan Gallagher, chief legal officer of Robinhood, is reportedly a leading candidate to replace SEC Chair Gary Gensler in the Trump administration. Trump previously stated he would fire Gensler on "day one," prompting interest in Gallagher's potential leadership.
Sources indicated that Gallagher, who served as a Republican SEC commissioner from 2011 to 2015 under the Obama administration, is among the shortlisted candidates for the SEC chair position. Gensler, appointed by President Biden in 2021, has indicated willingness to step down if Trump wins, despite his term officially ending in 2026. Gallagher is recognized in the crypto community for advocating financial innovation and market liberalization.
His pro-innovation stance includes supporting a lighter regulatory approach to cryptocurrencies and treating digital assets as a distinct asset class rather than securities. This perspective could lead to more crypto-friendly regulations in the US, facilitating the development of regulated crypto investment products.
Other Considerations for US SEC Chair
Other candidates being considered for the SEC Chair include Paul Atkins, a former Republican SEC commissioner, and Robert Stebbins, a partner at Willkie Farr & Gallagher and former SEC general counsel during Trump's first term. Karoline Leavitt, Trump’s national press secretary, stated:
“President-Elect Trump will begin making decisions on who will serve in his second Administration soon. Those decisions will be announced when they are made.”
Gallagher's experience at Robinhood may enhance his ability to navigate the complexities of the crypto market. There is also significant support for Hester Peirce, known as "crypto mom," to become SEC Chair; however, reports suggest she prefers to work on a crypto task force instead.