Robinhood Chief Legal Officer Dan Gallagher, who was once considered a top candidate to lead the Securities and Exchange Commission under President-elect Donald Trump, has announced that he is not interested in returning to a government position. Gallagher, who previously served as an SEC commissioner from 2011 to 2015 after being appointed by former president Barack Obama, made it clear that he does not wish to be considered for the position of SEC Chairman.
In a statement, Gallagher expressed his commitment to Robinhood and its millions of customers, who he believes represent the new generation of retail investors. Despite being seen as a frontrunner for the SEC chairmanship, Gallagher decided to stay at Robinhood and continue his work there.
Before Gallagher withdrew from the running, the prediction market Kalshi had given him a 61% chance of securing the job. With Gallagher out of the picture, other potential candidates for the SEC chairmanship include Robert Stebbins, the agency’s former general counsel and current partner at Willkie Farr & Gallagher, and former SEC commissioner Paul Atkins, who was appointed by President George W. Bush in 2002.
Another name in contention for the role is Brian Brooks, who served in the Office of the Comptroller of the Currency during Trump’s first administration. Brooks, a crypto enthusiast who previously worked for Coinbase and BitFury Group, has criticized the Biden administration’s strict regulatory approach to cryptocurrency.
Gallagher’s decision not to pursue the SEC chairmanship came as a surprise to many who doubted he would leave his position at Robinhood. In his statement, Gallagher emphasized his dedication to democratizing finance and his commitment to advocating for positive change in the markets.
Looking ahead, Gallagher expressed his excitement to work with the incoming Trump Administration, the next SEC Chairman, and the SEC staff to promote innovation and provide more opportunities for retail investors. While his name may no longer be in the running for the SEC chairmanship, Gallagher remains focused on making a difference in the financial industry through his work at Robinhood.
