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Highlights
- Dan Gallagher, Robinhood CLO, may replace SEC Chair Gary Gensler under the Trump presidency.
- Gallagher criticizes SEC's crypto regulation approach, seeking clearer guidelines for innovation.
- A former SEC executive said that Gallagher would be a natural choice for the role.
A recent report suggesting Robinhood CLO Dan Gallagher potentially replacing SEC Chair Gary Gensler has sparked discussions in the crypto market, along with the broader financial sector. The report suggests that if Donald Trump wins the upcoming US Presidential Election in 2024, Gallagher could potentially replace Gary Gensler. The US SEC and its current Chair have faced immense backlash recently, with the crypto market blaming the agency for regulatory overreach in the sector.
Robinhood CLO Likely To Replace Current US SEC Chair
A recent Politico report indicates that Dan Gallagher could potentially replace SEC Chair Gary Gensler. The rise of the Robinhood CLO as likely the next SEC Chair has sparked discussions in the crypto market over a potential shift in the regulatory landscape.
Besides, his candidacy has also gained notable traction, especially among Republicans and crypto market enthusiasts, who have long questioned the SEC’s motive under Gensler. In addition, Gallagher’s past experience as an SEC commissioner and his current role at Robinhood makes him a favorite among many in the financial sector. His legal expertise and political background also strengthen his position for the top SEC role.
Meanwhile, the report has cited a former senior SEC official who said that he is a “natural choice” for the role. Gallagher has previously voiced against the US SEC and Gensler’s policies, particularly in the crypto regulation space.
Like many, the Robinhood CLO believes that the agency’s regulatory approach towards digital assets lacks clarity. Besides, he said that a clear guideline tailored for the crypto sector could have helped in the sector’s innovation and growth. It also echoes the sentiment of many who anticipate Gensler to be fired soon.
Robinhood Vs US SEC
According to a Politico report, Gallagher said, “If I were chair, a baseline registration system for crypto exchanges and brokers would already be in place.” His remarks underscore his dissatisfaction with the agency’s handling of the $2 trillion market.
Furthermore, the recent Wells Notice by the US SEC to Robinhood has further sparked debates. The notice claims that the firm is potentially operating as an unregistered broker-dealer in the crypto space.
However, the Robinhood CLO has defended the platform, saying, “Shooting at the good guys is bad policy.” He emphasized that Robinhood’s cautious approach to crypto listing and its avoidance of lending or staking products distinguish it from other platforms that engage in riskier practices.
What’s Next For Gary Gensler?
Donald Trump has actively criticized the SEC Chair Gary Gensler recently, amid his shifting focus towards the crypto sector. He has also said that he would fire Gensler on his first day as the US President. Having said that, speculations soared over Gensler’s future if Donald Trump secured a victory in the upcoming US election.
Besides, previously, a CNBC report has also cited Robinhood CLO as a potential contender for the SEC Chair position under Trump’s presidency. Besides, the report also cited other names like former CFTC chairs J. Christopher Giancarlo, Heath Tarbert, and Paul Atkins, among others, as other contenders for the role.
Meanwhile, the growing criticism of the US SEC, especially under Gary Gensler, has sparked debates if he would continue to be in his chair after the election. In addition, a flurry of democrats also urged Kamala Harris to unseat him if the Democrats secured a victory in the election.
For instance, Mark Cuban expressed frustration against Gensler. Besides, he also reportedly wished to take over the role under Harris’s presidency. However, Cuban also faced criticism from prominent figures like Elon Musk for this comment.
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