Robinhood Chief Legal Officer (CLO) Dan Gallagher had prior to now been one of many high candidates to change into the subsequent US Securities and Exchange (SEC) Chair, changing Gary Gensler. However, following a latest improvement, the CLO is not within the working for the place.
Dan Gallagher No Longer In Race For US SEC Chair Position
The Robinhood CLO is not working to change into the subsequent US SEC Chair following his assertion to CNBC that he has made it clear to related individuals that he’s not excited by being thought of for the position.
Dan Gallagher has been one of many leading candidates to switch the present US SEC Chair, Gary Gensler. However, his latest assertion has put high mattress speculations that he might change Gensler.
It is price mentioning that the Robinhood CLO is not any stranger to the Commission as he as soon as served as a Republican SEC Commissioner between 2011 and 2015. As such, he appeared to be an ideal alternative for Gensler. Moreover, a Gallagher-led SEC could be an enormous win for the crypto business since he’s accustomed to it, having served as Robinhood’s CLO and helped them navigate their lawsuit with the Commission.
Dan Gallagher isn’t the primary to outrightly reject the SEC place position. Former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo additionally not too long ago stated that he has no plans to change into the subsequent US SEC Chair regardless of his identify developing.
With Gallagher and Giancarlo out of the race, pro-crypto Paul Atkins is leading the race to switch Gary Gensler. Atkins can be a former Republican SEC Commissioner. Robert Stebbins is one other identify within the combine.
How The US SEC Can Align With Donald Trump’s Vision
Amid Dan Gallagher’s latest assertion, US SEC Commissioner Mark Uyeda has discussed what the Commission must do to make sure that it aligns with Donald Trump’s imaginative and prescient to make the US the crypto capital. First, Uyeda said that the SEC should present regulatory readability as not all cryptos are securities.
Secondly, the US SEC Commissioner referred to as for protected harbors and regulatory sandboxes to permit for innovation within the crypto business. Lastly, he stated that the Commission must work with the US Congress and different regulatory companies to make sure a “cohesive and comprehensive” method for crypto.
When requested if he want to take the job, which Dan Gallagher stated he isn’t excited by, Uyeda replied that it’s as much as Donald Trump. However, he warned that the subsequent US SEC Chair may have a number of work to do to deal with regulatory excesses.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto information author and editor who has lined subjects that minimize throughout DeFi, NFTs, sensible contracts, and blockchain interoperability, amongst others. Boluwatife has a knack for simplifying essentially the most technical ideas and making it simple for crypto newbies to grasp. Away from writing, He is an avid basketball lover and a part-time degen.
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