The SEC Chairman of the Trump Administration has been announced.

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If Donald Trump returns to the presidency, Robinhood's Chief Legal Officer Dan Gallagher may take the chair of the U.S. Securities and Exchange Commission (SEC). As the SEC's allegations against Robinhood Crypto increase, Gallagher's candidacy could herald a significant change in the financial world.

CRYPTO REGULATIONS UNDER TRUMP ADMINISTRATION MAY TAKE ON A NEW DIMENSION

Former U.S. President Donald Trump, known for his crypto-friendly policies, had announced that he would terminate the current SEC Chairman Gary Gensler if re-elected. With Trump's potential re-election, the name of Dan Gallagher, Robinhood's Chief Legal Officer, has started to be mentioned as a possible replacement for Gary Gensler, who has faced frequent criticism from the crypto world for his decisions.

Gallagher's consideration for this position paints an interesting picture in light of the Wells Notice sent to Robinhood's crypto division, Robinhood Crypto, by the SEC last May. This notification is interpreted as a precursor to possible future allegations against the company.

Gallagher, who has a background with the SEC, served as a Republican commissioner at the agency from 2011 to 2015. He also gained experience in the agency's enforcement and trading divisions while serving as an advisor to SEC Commissioner Paul Atkins.

In a statement regarding the matter, Gallagher said, "It would be a great honor for me to be considered for the SEC Chairmanship. I have had the opportunity to serve in various roles at the SEC, and I deeply believe in the agency's mission to enhance market access and position the U.S. as a leader in financial innovation."

The tension between the crypto sector and the SEC has escalated recently. The SEC emphasizes that crypto exchanges need to register, while it tends to classify most cryptocurrencies as securities. On the other hand, crypto companies argue that the existing regulations are not suitable for digital assets, highlighting the difficulties of the registration process.

Speaking at a congressional session last month, Gallagher recounted Robinhood's year-and-a-half-long discussions with the SEC regarding crypto transactions. He stated, "We clearly heard SEC Chairman Gensler's call for registration," emphasizing the inadequacy of the current regulations.

If Trump is re-elected, other names besides Gallagher are also being discussed for the chair of the current SEC Chairman Gary Gensler. Former CFTC Chairman Chris Giancarlo, former SEC General Counsel Robert Stebbins, and current Republican SEC Commissioner Hester Peirce are among these names. According to sources familiar with the matter, Peirce plans to leave the agency when her term expires in 2025.