The SEC, the agency that regulates Wall Street, is getting ready to take a closer look at Robinhood’s crypto business. And guess what? Robinhood’s top lawyer, Dan Gallagher, is a leading contender to become the next SEC chair if Donald Trump wins the election.
A Potential Shift in Crypto Regulation
This could mean big changes for the crypto industry. If Trump wins and Gallagher becomes the SEC chair, it’s likely that regulations for crypto will become more favorable. The industry has been facing a lot of lawsuits and scrutiny, with Robinhood being one of the latest companies targeted.
Other Contenders for the Top Spot
Gallagher isn’t the only one in the running for the SEC chair position. Other names being thrown around include Chris Giancarlo, known as “CryptoDad,” and Hester Peirce, a current SEC commissioner who’s been a big supporter of crypto innovation.
Gallagher’s Vision for Crypto
Gallagher is seen as a favorite among Republicans. He believes the SEC should have a more flexible approach to regulating crypto, with a simpler registration process for crypto exchanges and brokers. He thinks the SEC should have already created clearer rules for the industry.
Democrats Are Wary
However, Democrats are not so sure about Gallagher. They’re concerned about putting someone in charge of the SEC who used to work for a company like Robinhood, which has had its share of controversies, like its actions during the GameStop frenzy. Gallagher says Robinhood has improved its compliance and risk management practices.
