Robinhood’s Dan Gallagher bows out of race for SEC chair

Robinhood Chief Legal Officer Dan Gallagher, reportedly a top contender to lead the Securities and Exchange Commission under President-elect Donald Trump, said Friday he is not interested in returning to a government position.

Gallagher was appointed to the agency 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 said in a statement.

“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.”

In the days before Gallagher bowed out of the running, betting prediction market Kalshi showed him with a 61% chance of clinching the job.

Robert Stebbins, the agency’s former general counsel and a current partner at Willkie Farr & Gallagher, has also been floated as a potential SEC pick.

Former SEC commissioner Paul Atkins has reportedly been considered for the role. He was appointed by President George W. Bush to the agency in 2002.

Brian Brooks is another name that has been put up for SEC chair. He served in the Office of the Comptroller of the Currency during Trump’s first administration.

In the past, the crypto buff – who worked for Coinbase and BitFury Group – has called out the Biden administration’s strict regulatory approach to cryptocurrency.

Gallagher’s willingness to head the agency was a question mark for those who doubted he would want to leave his post at stock-trading and investing platform Robinhood.

In his statement, Gallagher said he feels he “can make tremendous progress to democratize finance” in his current role.

“I will remain a vocal and consistent advocate for positive change in our markets,” he said. 

The former commissioner said he is “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.”