However, his path to potential management could possibly be difficult by an ongoing dispute with the SEC over Robinhood’s involvement in cryptocurrency buying and selling, in response to Politico.
The SEC, underneath present chair Gary Gensler, has intensified scrutiny on the cryptocurrency sector, contemplating costs in opposition to Robinhood for presumably working as an unregistered broker-dealer within the crypto house. Gallagher, who disagrees with the SEC’s stance, argues that Robinhood has been conservative in its crypto listings and doesn’t supply lending or staking merchandise that different platforms have interaction in. He has referred to as the case “a canine,” suggesting it targets an organization that has intentionally prevented riskier areas of the crypto market.
This authorized conflict may place Gallagher in a clumsy place as he’s being thought of for SEC management. His rise in Republican circles has been lengthy anticipated, with some lawmakers advocating for his potential chairmanship as a smart and skilled alternative. Gallagher’s prior tenure on the SEC noticed him problem post-crisis rules and query the company’s inner court docket system, positions that align him with extra industry-friendly regulatory views.
Gallagher’s identify is amongst different outstanding candidates for the SEC position, together with Chris Giancarlo, also referred to as “CryptoDad,” and Hester Peirce, a present SEC commissioner.
Despite the potential for a political battle if nominated, Gallagher maintains that his expertise in each authorities and the non-public sector makes him well-suited for the position. He believes the SEC ought to have already developed clearer rules for cryptocurrency, advocating for a balanced strategy to registering exchanges and brokers.
While it stays unsure if Gallagher will ascend to the SEC chairmanship, he continues to specific his dedication to Robinhood and his appreciation for being thought of for the position. His strategy to crypto regulation might sign a major shift within the SEC’s therapy of digital belongings if he in the end takes the helm.
