This pro-crypto candidate could lead the SEC if Trump wins

If former President Donald Trump wins the U.S. elections, Gary Gensler’s days as head of the SEC may be numbered. His potential successors are that bullish on crypto.

If he wins the election, Donald Trump has promised to fire the current SEC chief, Gary Gensler, and put an end to the anti-crypto stance of the U.S. Securities and Exchange Commission.

As reported by Politico, there’s a favorite to fill the position: Dan Gallagher, Chief Legal Officer at Robinhood, a popular financial platform in the U.S.

Background conversations with about a dozen unnamed lobbyists, securities lawyers, and former regulatory officials suggest that the experienced pro-crypto lawyer has a good chance.

Before Gallagher provided legal support for Robinhood’s crypto ambitions, he served as a Republican SEC Commissioner during the Obama administration, so he’s already familiar with the agency inside and out.

“It’s an honor to have my name mentioned in the discussion about the next SEC chair,” the Robinhood CLO told Decrypt. The new SEC chief must ensure that the U.S. remains at the forefront of financial innovation.

Gallagher is likely aware of the SEC's current crypto-skeptical stance. In May, Robinhood announced that it had received a Wells Notice. This notice indicated that the regulator was planning to sue the broker over its crypto offerings.

So far, the SEC has not filed a lawsuit against Robinhood, although similar cases have been filed against crypto exchanges like Coinbase, Binance, and Kraken.

Two other top candidates for SEC chair under Trump include crypto advocate and former CFTC chair Chris Giancarlo and Hester Peirce, currently one of two Republican SEC commissioners and also considered crypto-friendly.