According to a recent CNBC report, the crypto industry’s frustration with SEC Chair Gary Gensler’s regulatory agenda has taken on a political tenor this year, as crypto investors have suggested numerous potential nominees for SEC commissioner in the event that Trump is elected for a second term. Dan Gallagher, Robinhood’s Chief Legal Officer (CLO), has been talked about as a potential alternative for Gary Gensler as Securities and Exchange Commission (SEC) chairman.
Dan Gallagher’s SEC Experience and Vision for Market Access
Gallagher was an SEC commissioner during President Barack Obama’s two terms. He stated,
I’ve had the privilege to serve in various roles at the SEC, including as a commissioner. I care deeply about the agency, and my hope for any new SEC Chairman would be that they foster access to the markets, and ensure the U.S. remains at the forefront of financial innovation.
Crypto Investors Push for Political Influence in Washington
Crypto investors are attempting to increase their influence in Washington. Stuart Alderoty, chief legal officer of Ripple, and Paul Grewal, chief legal officer of Coinbase, were in attendance at the Republican political fundraiser.
Both companies are among numerous that have been involved in legal fights with the agency for years, with no clear resolution in sight. Trump has capitalized on this frustration, rebranding himself as a cryptocurrency enthusiast and promising that if elected, regulators will “get out of the way of innovation.”
Biden and Trump Avoid Crypto in First 2024 Debate: Industry ReactionsOther Potential SEC Candidates Under Consideration
Several other names have been mentioned by crypto investors in recent weeks as potential nominees for SEC commissioner if Trump is re-elected. They include J. Christopher Giancarlo and Heath Tarbert, who both served on the Commodity Futures Trading Commission during Trump’s first term. Another name mentioned was Paul Atkins, a former SEC Commissioner under President George W. Bush.
The Future of SEC and Cryptocurrency Policy in a Trump Administration
If Trump is elected, the SEC and cryptocurrency policy in general could be shaped by more than just who chairs the commission. OpenSecrets data shows that at least 16 former Trump administration officials are now lobbying for the cryptocurrency industry.
