If Trump wins the election, Robinhood's General Counsel may become the new chairman of the U.S. SEC
Dan Gallagher, the chief legal counsel for Robinhood, is seen as a potential nominee for the new chairman of the Securities and Exchange Commission (SEC) if Trump successfully wins re-election. However, the SEC is currently considering suing Robinhood's growing cryptocurrency business, accusing it of potentially not registering as a broker and clearing agency in the crypto market. Gallagher opposes this, calling the case "nonsense". He pointed out that Robinhood's volume of crypto trades is far less than other platforms and does not offer crypto lending or collateral products. If Gallagher were elected, he might face controversial confirmation procedures because Democrats have long been cautious about industry officials serving federal regulatory agencies.
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