BREAKING: Robinhood Crypto Executive Could Be The Next SEC Chair

Share This Post

In a developing story from Politico, a potential clash between Wall Street’s regulator and Robinhood Crypto is looming. As the Securities and Exchange Commission (SEC) prepares to scrutinize Robinhood’s cryptocurrency operations, chief legal officer Dan Gallagher is emerging as a leading candidate to head the SEC should Donald Trump secure another term as president.

Potential SEC Chair Candidates

As the political landscape shifts, with crypto at the forefront of the upcoming election, Gallagher’s candidacy for SEC chair signals a potential return to the government-industry door, reminiscent of the early Trump administration. 

In a scenario where former President Trump secures the seat in the Oval Office, there is certainly a greater chance of positive regulatory change for the industry, which has been characterized by inappropriate actions and lawsuits, with Robinhood being one of the last firms targeted by the agency this year. 

Other names mentioned by Politico for the role include former Commodity Futures Trading Commission (CFTC) chairman Chris Giancarlo, known as “CryptoDad”, and current SEC commissioner Hester Peirce, who has been a vocal supporter of innovation and a new regulatory framework for the crypto industry.

Robinhood CLO Pledges Crypto Reform

Gallagher has long been seen as a preferred choice among Republicans. Representative Bill Huizenga (R-Mich.) praised Gallagher’s qualifications, noting the importance of thoughtful leadership that is not driven solely by ideology. Despite this, the Politico report notes that Robinhood’s CLO could face a contentious confirmation process. 

Democrats have previously expressed skepticism about industry insiders leading federal regulators, especially given Robinhood’s “controversial history”, including its actions during the GameStop trading frenzy in 2021. However, Gallagher insists that the company has since improved its compliance and risk management protocols.

Gallagher’s vision for the SEC reportedly includes a more tailored approach to cryptocurrency regulation, advocating a basic registration regime for crypto exchanges and brokers. He believes that if he had been in charge in recent years, the SEC would have already established clearer, more supportive regulations for the industry.

Robinhood

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Must Reclaim $2,050 To Start A Recovery Rally – Insights

Ethereum (ETH) is now trading below the crucial $2,000 mark, struggling to find momentum after days of selling pressure and consolidation around $1,900 The broader crypto market remains under heavy

24 Ways Crypto Investors Are Being Hunted by Cybercriminals—Wallets Drained at Record Speed

Crypto scams are draining wallets fast, using AI fraud, fake mining, and Ponzi schemes—so advanced that regulators struggle to keep up 24 Brutal Crypto Scams Hunting Investors — The Tactics

Whales Accumulate Over 420,000 Ethereum In Five Days – Rally On The Horizon?

Ethereum (ETH) has seen underwhelming price action this year, disappointing analysts and investors who expected a massive breakout Instead, ETH is now trading at its lowest levels since October 2023,

Cardano (ADA) Price Prediction for March 16

The post Cardano (ADA) Price Prediction for March 16 appeared first on Coinpedia Fintech News As the weekend approaches, the overall cryptocurrency market has begun to recover, showing signs of an

UK FCA’s Finprom Rules 1 Year Later: How to Kill an Industry in One Easy Step

As a lawyer (not yours), I spend a good chunk of my time explaining to businesses why they need to pour half their budget into compliance instead of, you know, actually building something useful But

Ethereum Cost Basis Data Signals Strong Support At $1,886 – Details

The Ethereum (ETH) market has experienced some recent good fortunes rising by over 5% in the past 24 hours Despite this price gain, the prominent altcoin remains in a downtrend as indicated by its