President-elect Donald Trump needs to find someone else to replace US Securities and Exchange Commission chair Gary Gensler.
The Details: According to Bloomberg, Dan Gallagher, chief legal officer at Robinhood Markets, Inc. (NASDAQ:HOOD) has removed himself from consideration as head of the SEC.
Gallagher expressed his intention to remain at Robinhood in an emailed statement.
"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.
"I am committed to Robinhood and our millions of customers who represent the new generation of retail investors."
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Gallagher has been Robinhood's chief legal officer since 2020. He steered the company through the GameStop Corp. (NYSE:GME) meme stock saga and Trump considered him a top contender for the position. He was a Republican SEC commissioner from 2011 to 2015, and previously served in other senior roles in the agency.
The crypto community favored Gallagher, feeling he would help to advance pro-crypto regulatory change.
Among the other names being floated for SEC chair include: Robert Stebbins, the SEC's former general counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former cryptocurrency executive and former acting comptroller of the currency.
As for Gallagher, he will stay on as head legal counsel at Robinhood.
"I will remain a vocal and consistent advocate for positive change in our markets," Gallagher said. He added that 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."
Price Action: According to Benzinga Pro, Robinhood shares ended Friday's session up 4.45% at $36.65.
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