SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report

Christian Encila

7 months ago

3 mins read

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A major revamp is coming to the SEC.

For many reasons, this year’s US presidential elections have become the most consequential for cryptocurrency. Crypto and blockchain technology has become an election issue, with both the Republican and Democratic candidates teasing the electorate with their plans on how to handle crypto.

Between the two, incoming President Donald Trump offered a more friendly stance over crypto, promising to make the US a “crypto capital” and suggesting a change in leadership at the Securities and Exchange Commission (SEC).

Now that Trump is the next president, all eyes are on the SEC and the expected reshuffle. And the latest political chatter suggests that the high-profile job will probably go to Dan Gallagher, Robinhood’s Chief Legal Officer.

Many expect Trump to announce in January 2025 the next SEC chief, as the clamor for the agency’s Gary Gensler’s exit intensifies.

Gensler In Hot Seat Before Elections

Many expect Gensler to be one of the high-profile exits once Trump takes office. Gensler has waged legal fights against the crypto community for years, including Binance and Ripple’s XRP. His aggressive policies against crypto and its personalities have earned him plenty of detractors and enemies.

Total crypto market cap currently at $2.5 trillion. Chart: TradingView

With Gensler’s increasing unpopularity, many have demanded his resignation. Trump acknowledged the issue and promised a revamp of the SEC once he wins. Even Ripple’s
Brad Garlinghouse has blamed Gensler for the Democrat’s loss this election. Now, Reuters reports that Robinhood’s Dan Gallagher is considered the top contender for Gensler’s post.

Robinhood’s Dan Gallagher As Next SEC Chair?

Dan Gallagher currently serves as Robinhood’s Chief Legal Officer. Gallagher was a SEC commissioner from 2011 to 2015 before joining the company. Also, Gallagher enjoys wide popularity among cryptocurrency bigwigs, especially among Trump donors. At least two sources have confirmed that the former SEC commissioner is in the running to become the next chair of the agency.

Although the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other hopefuls. He advocates for tighter regulation of cryptocurrencies and supports market liberalization.

Previously, Gallagher campaigned to treat digital assets like Bitcoin as a distinct asset class, not as securities. In short, the SEC can see a more crypto-friendly policy once Gallagher takes oath.

Other Candidates In Consideration

Aside from Gallagher, a few other names are floated as Gensler’s replacement. For example, some in the crypto industry are looking at Hester Pierce, who is a SEC Commissioner, to become the next SEC chair. However, some insiders have shared that Pierce isn’t keen on taking the job. Another candidate in the running is Mark Uyeda, who was appointed as SEC commissioner on June 30, 2022.

Multiple reports also mentioned Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC General Counsel in May 2017 — as possible Gensler replacement.

Featured image from CNBC, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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