Trump Eyes Dan Gallagher for SEC Chair If Re-Elected

In the United States, Donald Trump is reportedly considering Dan Gallagher, the Chief Legal Officer at Robinhood, for the position of Securities and Exchange Commission (SEC) Chair if he wins the presidential election. Gallagher, a former SEC commissioner, has been critical of the current SEC Chair Gary Gensler's approach to cryptocurrency regulation. He believes that tailored rules for the crypto industry should have already been established, which would provide a clearer path for registration of crypto exchanges and brokers. This potential appointment raises concerns about the revolving door between government and industry, especially given Gallagher's previous pushback against a lawsuit the SEC threatened against Robinhood for operating as an unregistered broker-dealer in the crypto markets. Some Republicans have expressed support for Gallagher, highlighting his experience and thoughtfulness, but his confirmation process could be contentious due to the scrutiny over industry ties. Other candidates for the SEC chair position include Chris Giancarlo, Robert Stebbins, and Hester Peirce. The speculation around Gallagher's candidacy reflects ongoing debates about regulatory frameworks in the crypto sector, which have been criticized for being overly complex and hindering growth, particularly for smaller companies.