Several former US regulators and securities lawyers believe that Robinhood’s chief legal officer, Dan Gallagher, could be a potential candidate to lead the Securities and Exchange Commission (SEC) if Republican presidential candidate Donald Trump wins in November. Gallagher, who served as SEC commissioner from 2011 to 2015, joined Robinhood as CLO in 2020.
According to a report by Politico on Oct. 7, a former SEC official stated that Gallagher would be a suitable choice to become chairman of the securities regulator under a Trump administration. Trump had previously mentioned replacing SEC Chairman Gary Gensler if he won the election in November. Polls in October showed Trump and Vice President Kamala Harris in a close race in key battleground states.
The former regulators also suggested other potential candidates for SEC chairman under Trump, including Chris Giancarlo and Robert Stebbins, both former officials. Hester Peirce, a pro-crypto SEC commissioner, was also mentioned as a possible contender.
The Trump campaign has not made many official announcements about its potential Cabinet choices for 2025. Reports of considering Jamie Dimon or Larry Fink as Treasury Secretary were denied by the Republican candidate. Elon Musk was suggested for a role in the Cabinet if Trump is re-elected, as he has shown public support for Trump.
It is uncertain whether Vice President Harris would retain Gensler as SEC chairman if she wins the election. In September, Harris publicly expressed support for the digital assets industry by 2025. Given the criticism of the SEC’s crypto approach under Gensler, Harris may decide to ask for his resignation. Otherwise, Gensler’s term as SEC chairman would end in June 2026. Mark Cuban mentioned in an interview in September that he would be interested in leading the SEC under a Harris administration.
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