Dan Gallagher, the Chief Legal Officer at Robinhood, is gaining attention as the next potential candidate to head the Securities and Exchange Commission (SEC) if Donald Trump wins the presidency again.
This is quite possible considering Gallagher’s experience as a former SEC commissioner with his solid background in finance and law.
However, Gallagher could soon find himself in a legal dispute with the SEC. According to a report from Politico, the agency is currently looking into whether Robinhood is acting as an unregistered broker-dealer in the crypto space.
Gallagher has publicly criticized this potential lawsuit, describing it as “a dog of a case.” He argues that Robinhood offers trading for only a small number of crypto tokens compared to other platforms and that it does not provide crypto lending or staking products.
Gallagher further cleared that Robinhood has intentionally avoided engaging in areas of the crypto market that are very risky, stating that “shooting at the good guys is a really bad policy.”
His prior tenure at SEC included scrutiny of the regulatory landscape, particularly regarding rules enacted after the 2008 financial crisis.
He also called for a review of trading practices in the U.S. stock market and raised concerns about SEC’s internal courts, which have been declared unconstitutional in some instances by the Supreme Court.
The relationship between Gallagher and the SEC could become more complex if he is nominated for the chair while dealing with the lawsuit. However, some lawmakers in Washington have shown their support.
For example, Representative Bill Huizenga (R-Mich.) recently praised Gallagher’s qualifications after he testified at a House Financial Services Hearing.
Other names that are considered for the role include Chris Giancarlo, known as “CryptoDad,” and Hester Peirce, and Hester Peirce, a current SEC commissioner.
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