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As the U.S. Securities and Exchange Commission (SEC) prepares for new leadership, the contest for its next chairman is gaining momentum. Names like Dan Gallagher, Chief Legal and Compliance Officer (CLO) at Robinhood and former Republican SEC commissioner, are in the running for a top position. According to sources, the team of former President Donald Trump is reportedly considering Gallagher and some other key figures in the financial regulatory arena for the Chairmanship at the SEC.
Dan Gallagher’s Background and Suitability for SEC Chairman
Then, Dan Gallagher, who may be appointed as the next SEC chairman, has mostly attracted interested eyes, especially on the side of cryptocurrency executives. He used to be an SEC commissioner from 2011 to 2015. He’s long been briefed on how financial regulation works, which, all things being equal, makes him a strong candidate for the post. He brings an interesting dimension to his candidature with his background in the legal and compliance area for the financial services platform. Robinhood also has a heavy involvement in traditional and cryptocurrency trading.
Interestingly, he has ties in the cryptocurrency field, and he is reportedly a favourite of crypto executives who have funded Trump’s presidential campaigns. Those same executives have personally chipped in millions of dollars to Trump’s Republican campaigns, which makes it potentially pretty much a done deal for Dan Gallagher. Sources close to the issue say that though things are fluid now, Dan Gallagher is the closest to being appointed SEC Chairman.
Trump’s Transition Team Creates Shortlist for SEC Leadership
His transition team has reportedly gotten down to work on winning now and shortlists candidates in key positions for the financial agencies. The next SEC Chairman is one role that is very important in taking the reins in controlling U.S. financial markets and enforcing securities laws. Reportedly leading this list so far is one Gallagher, but it is not as if the race is in Dan Gallagher’s corner alone.
Another prominent candidate for the SEC Chair position is Paul Atkins, former Republican SEC commissioner and chief executive of Patomak Global Partners. Atkins was also on Trump’s transition team in 2016, which bodes well for him. Atkins has experience handling financial regulation and related policy matters, which makes him a suitable person for the leadership of the SEC.
Another on the shortlist is Robert Stebbins, a partner at the law firm Willkie Farr. He is very skilled in securities law and regulatory matters. That these qualified candidates are on the shortlist, however, merely brings to the fore how hotly contested the seat is for this prestigious SEC leadership.
Why Mark Uyeda and Hester Peirce Are Also Considered for SEC Chairman
Gallagher is the front-runner of the day but that does not necessarily mark the end race on who would be the next SEC Chairman. Mark Uyeda, on the other hand, is a fellow SEC Commissioner and also a Republican. He has been previously considered as likely to become the next SEC Chairman. Uyeda has been very much in focus by completing tasks for the SEC, and his term may make him a favourite among the Republicans who prefer to maintain continuity and stability in financial regulation.
Another contender is Hester Peirce, called “Crypto Mom,” for seemingly being lenient in regulating cryptocurrencies. Peirce has been more or less an advocate for cryptocurrency innovation and is known for her libertarian views regarding financial regulation. Due to these factors, among others, Peirce’s popularity, especially in the crypto industry, is high. However, according to sources, Dan Gallagher is said to be enjoying stronger support from the Trump team at present.
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