Trump Administration Considers Robinhood’s Chief Legal Officer, Dan Gallagher, for SEC Chair
Robinhood’s CLO Gallagher Emerges as Front-Runner for SEC Chair, Alternative Candidates: Atkins, Stebbins, and Peirce Also Under Consideration
President-elect Donald Trump is evaluating candidates for key financial leadership roles, including the highly influential position of SEC Chair according to a report by Reuters.
Dan Gallagher, Robinhood’s Chief Legal Officer, and a former SEC commissioner, is a frontrunner on a shortlist that will be finalized soon. His appointment would mark a significant shift for the SEC, with his pro-crypto stance, moving away from the policies under current SEC Chair Gary Gensler, who has taken a tough stance on crypto regulation.
Gallagher’s Background and Crypto-Friendly Approach
Gallagher served as an SEC commissioner from 2011 to 2015 and has a deep understanding of the complexities of financial regulation.
Gallagher’s views have earned him support within the crypto sector, with executives and contributors backing Trump’s campaign with the hope of seeing him chair the SEC.
Many industry leaders believe Gallagher’s leadership could create a more friendly regulatory environment, particularly as he has openly questioned the SEC’s recent approach, especially under current Chair Gary Gensler, advocating for a clearer regulatory framework for the industry.
Although Gallagher’s credentials and experience make him a strong contender for the role, his position as CLO at Robinhood presents a potential obstacle. The SEC is currently investigating Robinhood over alleged securities violations and Gallagher’s appointment could potentially raise questions about impartiality and conflict of interest.
Potential Contenders for SEC Chair
If ultimately the Trump administration decides to move in a different direction, there are several other possible candidates under consideration.
Among them is Paul Atkins, a former SEC commissioner and the CEO of consulting firm Patomak Global Partners. Atkins, who served on Trump’s initial transition team in 2016, brings a similar deregulatory perspective and has maintained an ongoing influence within financial regulation.
Another candidate in consideration is Robert Stebbins, a partner at Willkie Farr & Gallagher and former SEC general counsel in Trump’s previous administration.
Additionally, many in the digital finance sector support Hester Peirce, a Republican SEC commissioner and strong crypto advocate, who is also under consideration.
However, she has reportedly opted out of consideration for the chair position indicating she would prefer to remain in her current position rather than assume the role.
