The potential impact of Trump’s crypto-friendly SEC nominee on agency operations
Dan Gallagher is rumored to be a top contender for the position of Chair of the Securities and Exchange Commission (SEC) under President Trump, according to sources. The Chief Legal Officer at Robinhood has been vocal in his criticism of the SEC’s recent handling of cryptocurrency.
Gallagher has suggested that he could quickly draft legislation related to crypto regulation. In a recent statement, he mentioned that he could complete this task “over the weekend with a six-pack of beer and a pizza.”
If appointed, Gallagher could potentially steer the SEC towards a more conciliatory approach to regulation, moving away from the current “regulation by enforcement” strategy that is widely critiqued.
Despite the uncertainties surrounding his potential appointment, Gallagher has strong opinions on how he would handle crypto regulation if he were to lead the SEC. He envisions a rulebook tailored specifically for crypto based on existing securities laws.
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Gallagher, who previously served as an SEC Commissioner from 2011 to 2015, has a deep understanding of the regulatory landscape. He started his career at the SEC as a summer honors program intern before eventually returning to the private sector and then to Robinhood.
Power play
Aside from his stance on crypto regulation, Gallagher has also been critical of the SEC’s response to the Gamestop stock surge in early 2021. He disputed the SEC’s proposals for reforming the stock market, calling them based on a “false narrative.”
Many in the industry have raised concerns about the leadership of current SEC Chair Gary Gensler, appointed by the Biden administration in 2021. Gallagher has been vocal about his disagreements with Gensler’s policies but has not explicitly called for his resignation.
Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. You can contact him with tips at tim@dlnews.com.
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