The Chief Legal Officer of Robinhood said new legislation directed at the cryptocurrency market likely wasn't on the horizon.

During an interview with CNBC, Robinhood’s Daniel Gallagher said, "it's a stretch to believe that there will be legislation coming out on crypto anytime soon."

Gallagher’s comments came ahead of the congressional crypto hearing. During the hearing, six executives from firms including Coinbase and FTX were set to testify in front of the House Financial Services Committee to help legislators understand "the challenges and benefits" of the industry.

"These conversations are, theoretically, existential to crypto, but one would have to assume that Congress is actually going to act and legislate," he told CNBC. Robinhood offers seven cryptocurrencies for trading, including bitcoin and ethereum.

Gallagher argued that the hearing would probably be informative for Gary Gensler, the head of the Securities and Exchange Commission — who is tightening regulations around the digital assets space. Gallagher said he hoped regulation would be "rational" and not "quash innovation" or "get rid of investor choice."

Gensler has been zeroing in on crypto regulation as trading platforms and the market broadly have boomed. He previously told the Financial Times that the crypto market was "at the level and the nature that if it's going to have any relevance five and 10 years from now, it's going to be within a public-policy framework."

The cryptocurrency space has surged in an exponential way this year. The total market capitalization of all cryptocurrencies surged to $3 trillion for the first time. The figure is almost the size of the entire UK economy, according to a report by Insider. Meanwhile, Bitcoin — the largest crypto by market value surged to an all-time high of $69,000 last month before it plunged back to around $50,000.