The legal head at Robinhood Markets, Dan Gallagher, is reportedly a leading candidate to chair the U.S. Securities and Exchange Commission (SEC) if Donald Trump returns to the presidency. Trump has stated he would remove the current SEC Chair, Gary Gensler, on “day one” due to what he describes as excessive regulatory action against the crypto industry.
Gallagher’s Background and Key Competitors
Dan Gallagher, who currently oversees legal and corporate affairs at Robinhood, previously served as a Republican SEC commissioner from 2011 to 2015 under President Obama. Sources cited by Reuters on Nov. 7 claim Gallagher is the Trump team’s favored candidate to replace Gensler. Other contenders reportedly include:
- Paul Atkins: A former SEC commissioner who served on Trump’s 2016 transition team.
- Robert Stebbins: Former SEC general counsel under Trump and a current partner at Willkie Farr & Gallagher law firm.
Gallagher and the other candidates have not commented publicly on the potential nomination.
Trump’s Promise to Reshape SEC Leadership
During his campaign, Trump pledged to dismiss Gensler, criticizing his approach to crypto regulation, which many in the industry view as restrictive. Gensler, who was appointed by President Joe Biden in 2021, has indicated he would step down if Trump were elected, though his term officially ends in 2026.
Historically, SEC chairs appointed by one administration often resign with a shift in presidential power, leaving the new administration to nominate their successor.
Gallagher’s Potential Appeal to the Crypto Sector
Gallagher’s alignment with the crypto industry may strengthen his appeal to Trump, who has actively sought support from crypto advocates. The industry contributed significantly to campaigns during this election cycle, positioning Gallagher as a candidate who could balance regulatory oversight with a pro-business perspective. In May, Robinhood revealed it had received a Wells notice—a precursor to enforcement action—from the SEC regarding its crypto operations, a matter that Gallagher would potentially navigate as SEC chair.
The selection process for the SEC chair role may take several weeks, with the final decision expected before Trump’s anticipated inauguration on Jan. 20, 2025.
