Trump Reportedly Considers Robinhood Exec for Top SEC Role

Several former U.S. regulators and securities attorneys have suggested that Dan Gallagher, Robinhood’s chief legal officer, might be in the running to head the Securities and Exchange Commission (SEC) under Donald Trump, should he win the 2024 presidential election. Pro-crypto administration? Gallagher, who previously served as an SEC commissioner from 2011 to 2015, joined Robinhood as CLO in 2020, and his name has been floated as a possible “natural choice” for SEC chair by a former SEC official, according to a Politico report from October 7.

In July, Trump stated that if victorious in November’s election, he would dismiss current SEC Chair Gary Gensler “on day one.” Polling data as of October indicated a close race between Trump and Vice President Kamala Harris, both nationally and in key swing states.

The Politico report also mentioned other names Trump might consider for the role, including former Commodity Futures Trading Commission (CFTC) chair Chris Giancarlo and Robert Stebbins, who previously served as SEC General Counsel. Another possibility is SEC commissioner Hester Peirce, known for her pro-crypto stance.

While the Trump campaign hasn’t officially confirmed any potential cabinet picks for a possible second term, Trump has denied reports about selecting JPMorgan CEO Jamie Dimon or BlackRock CEO Larry Fink as Treasury Secretary. He did, however, hint that Elon Musk could have a role in his administration, as Musk has recently shown public support for Trump, even sharing the stage at an October 5 rally.

As for Kamala Harris, it’s unclear whether she would keep Gensler in his current position if she wins the presidency. In September, Harris expressed for the first time that she plans to back the digital asset industry by 2025. Given the SEC’s controversial stance on cryptocurrency regulation under Gensler, Harris may face pressure to ask for his resignation if she assumes office. Otherwise, Gensler’s term runs until June 2026. In a recent interview, billionaire Mark Cuban said he would consider leading the SEC under a Harris administration.

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