Robinhood Chief Authorized Officer Dan Gallagher, reportedly a high contender to guide the Securities and Trade Fee underneath President-elect Donald Trump, mentioned Friday he isn’t fascinated with returning to a authorities place.
Gallagher was appointed to the company by former president Barack Obama and served as an SEC commissioner from 2011 to 2015.
“It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman. However, I have made it clear that I do not wish to be considered for this position,” Gallagher mentioned in an announcement.
“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.”
Within the days earlier than Gallagher bowed out of the operating, betting prediction market Kalshi confirmed him with a 61% probability of clinching the job.
Robert Stebbins, the company’s former normal counsel and a present accomplice at Willkie Farr & Gallagher, has additionally been floated as a possible SEC decide.
Former SEC commissioner Paul Atkins has reportedly been thought of for the function. He was appointed by President George W. Bush to the company in 2002.
Brian Brooks is one other title that has been put up for SEC chair. He served within the Workplace of the Comptroller of the Foreign money throughout Trump’s first administration.
Previously, the crypto buff – who labored for Coinbase and BitFury Group – has known as out the Biden administration’s strict regulatory strategy to cryptocurrency.
Gallagher’s willingness to go the company was a query mark for individuals who doubted he would need to go away his put up at stock-trading and investing platform Robinhood.
In his assertion, Gallagher mentioned he feels he “can make tremendous progress to democratize finance” in his present function.
“I will remain a vocal and consistent advocate for positive change in our markets,” he mentioned.
The previous commissioner mentioned he’s “excited to work with the incoming Trump Administration, including the next SEC Chairman and the SEC staff, to promote innovation and provide more opportunity for retail investors.”
