Robinhood Chief Legal Officer Dan Gallagher isn’t interested in serving as the next chairman of the Securities and Exchange Commission (SEC), expressing content with his current role at the popular investing platform.
"It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman,” Gallagher told Decrypt in a statement. “However, I have made it clear that I do not wish to be considered for this position.”
Gallagher’s statement follows SEC Chair Gary Gensler’s resignation announcement Thursday, signaling that the figurehead would step down from his leadership role when President-elect Donald Trump assumes the White House on January 20, 2025.
In the run-up to the presidential election, Gallagher was reportedly in the running to lead the agency tasked with regulating securities markets. Politico was first to report the development in October, citing conversations with unnamed lobbyists, securities lawyers, and former regulators.
Gallagher fit the bill as someone with prior experience at the SEC. He served as a Republican commissioner for the SEC during former President Barack Obama's tenure, while acting as counsel at the agency during George W. Bush’s presidency.
While Gallagher could’ve been a crypto-friendly force at the SEC, he said that his role at Robinhood gives him an opportunity to improve markets in its own manner.
“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors,” he said. “I feel I can make tremendous progress to democratize finance in my current role, and I will remain a vocal and consistent advocate for positive change.”
Gallagher isn’t the only SEC contender to recently remove their name from the mix. Trump’s former Commodity Futures Trading Commission (CFTC) chair, Chris Giancarlo, wrote last week that he isn’t interested in cleaning up a “Gary Gensler mess” on Twitter (aka X).
While crypto advocates have grown weary of the SEC’s regulatory approach to the industry, marked by enforcement actions, Gallagher is no stranger either. In May, Robinhood received an enforcement threat from the SEC, scrutinizing its digital assets business.
When asked about his openness to Gensler’s position in October, Gallagher told Decrypt that he was “honored” to be under consideration. But it appears that someone else will ultimately fill Gensler’s shoes, while Gallagher stays committed to the private sector
Edited by Andrew Hayward