The crypto community is abuzz with rumors that Dan Gallagher, Robinhood’s Chief Legal Officer, could take over as SEC Chair if Donald Trump wins the 2024 presidential election.
This potential change has caught the attention of both the financial and crypto sectors, especially those critical of Gary Gensler’s leadership at the SEC.
Gallagher, who previously served as an SEC commissioner, brings a fresh perspective to the regulatory landscape. Many see the current SEC approach as unclear and overly strict, especially when it comes to crypto. Gallagher has openly criticized the lack of clear rules, arguing that it’s holding back much-needed innovation in the industry.
His appointment could signal a more supportive stance towards crypto growth.
Why Gallagher’s Name Is Gaining Momentum
Gallagher’s connections in Washington and his deep legal experience make him a strong contender for the role. As the race for the 2024 election heats up, more insiders are backing him as a potential replacement for Gensler, believing he could steer the SEC in a new direction.
Gallagher has recently made headlines for defending Robinhood after the SEC issued a Wells Notice, suggesting possible action against the platform for operating as an unregistered broker-dealer in the crypto space. Gallagher argues that Robinhood has been careful with its crypto operations, stating, “Shooting at the good guys is really bad policy.”
His defense resonates with many who feel that companies trying to comply with the rules shouldn’t be unfairly targeted.
With the 2024 election around the corner, many are wondering what would happen to Gensler’s policies if Trump wins and replaces him with Gallagher. Would Gallagher push for a more balanced approach—one that allows both oversight and innovation?
In today’s uncertain regulatory climate, Gallagher could bring the clarity the crypto industry has been seeking. If he steps into the role of SEC Chair, we may finally see the clearer guidelines that could open the door to new opportunities and growth in the market.
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