If Trump wins the election, Robinhood's general counsel may become the new chairperson of the SEC
2024-10-07 22:31:43
Dan Gallagher, Robinhood's general counsel, is seen as a possible new chairperson of the Securities and Exchange Commission (SEC) if Trump is successful in his re-election. However, the SEC is currently considering a lawsuit against Robinhood's growing cryptocurrency business, alleging that it may not be registered as a broker and clearing house in the crypto market. Gallagher objected, calling the case "pointless". He noted that Robinhood has far fewer crypto transactions than other platforms and does not offer crypto lending or pledge products. If Gallagher is elected, it could face a controversial confirmation process, as Democrats have long been wary of industry officials serving as federal regulators.
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