Dan Gallagher, Robinhood's chief legal officer who is reportedly a candidate for the top position at the Securities and Exchange Commission under President-elect Donald Trump, said Friday that he has no interest in returning to a government position.
Mr. Gallagher was appointed to the agency by former President Barack Obama and served as SEC Commissioner from 2011 to 2015.
“It is always an honor to have your name added to such an important position as SEC Chairman. However, I have made it clear that I do not wish to serve in this position,” Gallagher said in a statement. mentioned in.
“I am completely committed to Robinhood and its millions of customers who represent a new generation of retail investors.”
Days before Mr. Gallagher withdrew his candidacy, betting prediction market Calsi indicated that Mr. Gallagher had a 61% chance of winning the job.
Robert Stebbins, the agency's former general counsel and current partner at Willkie Farr & Gallagher, has also been floated as a potential SEC candidate.
Former SEC commissioner Paul Atkins is reportedly being considered for the position. He was appointed to the agency in 2002 by President George W. Bush.
Brian Brooks has also been mentioned as a candidate for SEC chairman. He worked at the Office of the Comptroller of the Currency during the first Trump administration.
The crypto enthusiast, who previously worked at Coinbase and BitFury Group, has criticized the Biden administration's strict regulatory approach to cryptocurrencies in the past.
Mr. Gallagher's willingness to lead the agency was a question mark for those who suspected he was planning to leave his position at stock trading and investment platform Robinhood.
Mr. Gallagher said in a statement that he feels his current role will allow him to “make significant progress toward democratizing finance.”
“I will continue to be a loud and consistent advocate for positive change in the marketplace,” he said.
“I am excited to work with the incoming Trump administration, including the incoming SEC Chairman and SEC staff, to foster innovation and provide more opportunities for individual investors,” the former commissioner said.
