Donald Trump's transition team is considering adding Robinhood Markets' general counsel to the list of potential candidates to lead the Securities and Exchange Commission (SEC), which could make him a choice for the President-elect of the United States.
Dan Gallagher, Robinhood's chief legal, compliance and corporate affairs officer, who was an SEC commissioner from the Republican Party from 2011 to 2015 under the Obama administration, is currently the top candidate on Trump's team to replace SEC Chairman Gary Gensler, according to a Reuters description on November 7, based on information from people familiar with the matter.
The discussions are still ongoing, and the list also includes Paul Atkins, another former Republican SEC commissioner on Trump's 2016 transition team and a candidate for this role then, along with Robert Stebbins, a partner at Willkie Farr & Gallagher, who was legal counsel to the agency during Trump's first term as president.
Trump has pledged to fire Gensler "on day one" of his presidency in an appeal to the Crypto industry, with many blaming the SEC leadership for the crackdown on Crypto in recent years.
JUST IN: 🇺🇸 Donald Trump says "on day one I will fire Gary Gensler and appoint a new SEC chairman." pic.twitter.com/mVGu68e7O3
— TinTucBitcoin (@TinTucBitcoin) July 27, 2024
It is customary for SEC chairs — who are appointed by the president — to resign when a new administration takes office. President Joe Biden appointed Gensler in 2021, and the SEC chair has hinted that he would resign if Trump wins the election, even though his term ends in 2026.
Gallagher, Atkins, Stebbins and Trump's campaign have not immediately responded to requests for comment.
Robinhood's general counsel has been mentioned as a potential candidate to lead the agency before, with a Politico article last month stating that a former SEC official said Gallagher would be a "natural choice" for Trump.
However, the selection process is said to take a few weeks, and a person familiar with the matter told Reuters that it is too early to confirm who will be chosen.
Gallagher could be a popular choice for the Crypto industry, a sector that has invested hundreds of millions of dollars in influencing elections.
In May, Robinhood announced that the SEC had sent them a Wells notice — a warning that the regulator is pursuing an enforcement action — regarding their Crypto business, a legal battle that Gallagher would lead.
Trump will officially take office as president on Monday, January 20, 2025.
