Who Is Dan Gallagher, Who Donald Trump Will Allegedly Appoint as the New SEC Chair? What Are His Cryptocurrency Views?

Following Donald Trump’s current victory over Kamala Harris, hypothesis is rising over who might exchange SEC Chairman Gary Gensler, who has been extensively criticized for his regulatory method to crypto.

Former SEC member and present Robinhood authorized head Dan Gallagher is rising as a most well-liked candidate to steer the company in a extra crypto-friendly course.

Gensler, who has been outspoken about imposing strict rules on the cryptocurrency sector, has hinted that he’ll resign with the incoming Republican administration, though his time period formally ends in 2026. Trump beforehand swore in Gensler “on day one” to be dismissed from workplace. presidency if elected, and has appealed to many pro-crypto views which have criticized Gensler’s “regulation by enforcement” technique.

Gallagher has lengthy criticized this method, stating at a listening to in September that federal “regulatory uncertainty” was stifling crypto innovation within the US. He advocated particular regulation for digital belongings, a view he shared on a Bloomberg Intelligence podcast in July, saying, “I might do that in a weekend of labor.”

As SEC chairman, Gallagher will goal to cut back pending lawsuits towards crypto corporations and stated he’ll “go together with a reasonably lengthy record of issues that should be undone.” The SEC has filed almost 100 lawsuits towards numerous crypto corporations since 2021, together with a possible lawsuit towards Gallagher’s personal employer, Robinhood, over its crypto buying and selling actions. Such a transition to SEC chairman might elevate questions on conflicts of curiosity given his place at Robinhood, however no official remark has been made on that.

Gallagher began his profession as a summer season intern on the SEC and rose to commissioner in 2011 earlier than transferring to the personal sector and becoming a member of Robinhood in 2020. Since then, he has appeared at high-profile trade occasions and shared his views with the likes of Bain Capital. Tuongvy Le of Crypto and Paul Grewal, Chief Authorized Officer of Coinbase.

Though Gallagher is presently the favourite for the position, he’s not the one contender. Present SEC member Mark Uyeda, who has been vocal about Gensler’s insurance policies, can also be seen as one other risk, with crypto lawyer Jake Chervinsky suggesting Uyeda has a “good likelihood” of taking the job.

*This isn’t funding recommendation.