Robinhood's Dan Gallagher does not want to helm the U.S. Securities and Exchange Commission after being considered to chair the agency under the Trump administration.
Gallagher was on the list of potential chairs to lead the SEC. Other names include partner at Willkie Farr & Gallagher Robert Stebbins, former SEC Commissioner Paul Atkins and partner at BakerHostetler law firm and former litigation counsel for the SEC Teresa Goody Guillén, according to a person familiar with talks on who could next lead the agency.
Gallagher said he is dedicated to Robinhood and said he is "eager to work with the incoming administration" and the next SEC chair. CNBC first reported that Gallagher was not interested in chairing the SEC.
"It is always an honor to have your name in the mix for an incredibly important job like SEC Chairman," said Gallagher, chief legal, compliance and corporate affairs officer at Robinhood Markets, Inc., in an emailed statement to The Block. "However, I have made it clear that I do not wish to be considered for this position."
A spokesperson representing the Trump transition team did not respond to a request for comment.
The next SEC chair will play a pivotal role in shaping the future of crypto regulation. Under current Chair Gary Gensler, the agency has taken a hardline approach, bringing charges against major industry players like Coinbase, OpenSea and Kraken. Gensler has maintained that most cryptocurrencies qualify as securities and has urged crypto firms to register with the SEC.
Gensler announced Thursday that he would step down as the Trump administration rolls in on January 20.
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