A recent report suggesting Robinhood CLO Dan Gallagher potentially replacing SEC Chair Gary Gensler has sparked discussions in the crypto market, along with the broader financial sector. The report suggests that if Donald Trump wins the upcoming US Presidential Election in 2024, Gallagher could potentially replace Gary Gensler. The US SEC and its current Chair have faced immense backlash recently, with the crypto market blaming the agency for regulatory overreach in the sector.
Robinhood CLO Likely To Replace Current US SEC Chair
A recent Politico report indicates that Dan Gallagher could potentially replace SEC Chair Gary Gensler. The rise of the Robinhood CLO as likely the next SEC Chair has sparked discussions in the crypto market over a potential shift in the regulatory landscape.
Besides, his candidacy has also gained notable traction, especially among Republicans and crypto market enthusiasts, who have long questioned the SECâs motive under Gensler. In addition, Gallagherâs past experience as an SEC commissioner and his current role at Robinhood makes him a favorite among many in the financial sector. His legal expertise and political background also strengthen his position for the top SEC role.
Meanwhile, the report has cited a former senior SEC official who said that he is a ânatural choiceâ for the role. Gallagher has previously voiced against the US SEC and Genslerâs policies, particularly in the crypto regulation space.
Like many, the Robinhood CLO believes that the agencyâs regulatory approach towards digital assets lacks clarity. Besides, he said that a clear guideline tailored for the crypto sector could have helped in the sectorâs innovation and growth. It also echoes the sentiment of many who anticipate Gensler to be fired soon.
Robinhood Vs US SEC
According to a Politico report, Gallagher said, âIf I were chair, a baseline registration system for crypto exchanges and brokers would already be in place.â His remarks underscore his dissatisfaction with the agencyâs handling of the $2 trillion market.
Furthermore, the recent Wells Notice by the US SEC to Robinhood has further sparked debates. The notice claims that the firm is potentially operating as an unregistered broker-dealer in the crypto space.
However, the Robinhood CLO has defended the platform, saying, âShooting at the good guys is bad policy.â He emphasized that Robinhoodâs cautious approach to crypto listing and its avoidance of lending or staking products distinguish it from other platforms that engage in riskier practices.
Whatâs Next For Gary Gensler?
Donald Trump has actively criticized the SEC Chair Gary Gensler recently, amid his shifting focus towards the crypto sector. He has also said that he would fire Gensler on his first day as the US President. Having said that, speculations soared over Genslerâs future if Donald Trump secured a victory in the upcoming US election.
Besides, previously, a CNBC report has also cited Robinhood CLO as a potential contender for the SEC Chair position under Trumpâs presidency. Besides, the report also cited other names like former CFTC chairs J. Christopher Giancarlo, Heath Tarbert, and Paul Atkins, among others, as other contenders for the role.
Meanwhile, the growing criticism of the US SEC, especially under Gary Gensler, has sparked debates if he would continue to be in his chair after the election. In addition, a flurry of democrats also urged Kamala Harris to unseat him if the Democrats secured a victory in the election.
For instance, Mark Cuban expressed frustration against Gensler. Besides, he also reportedly wished to take over the role under Harrisâs presidency. However, Cuban also faced criticism from prominent figures like Elon Musk for this comment.
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