Robinhood Chief Legal Officer Dan Gallagher has declined to become the next chairman of the Securities and Exchange Commission (SEC) following Gary Gensler’s resignation announcement.
“It is always an honor to be considered for such an important role as SEC Chairman,” Gallagher said in a statement. “However, I have made it clear that I do not wish to be considered for this position.”
Gensler’s resignation, effective when President-elect Donald Trump takes office on Jan. 20, 2025, has sparked speculation about who will take over as SEC leader. Gallagher, who was an SEC commissioner under President Barack Obama and an advisor during George W. Bush’s presidency, was said to be the leading candidate for the job.
Gallagher's experience and past Republican connections made him a likely candidate, and in October, Politico reported that his name was being floated among lobbyists, securities lawyers and former regulators.
But Gallagher reaffirmed his commitment to Robinhood, where he sees significant potential from the private sector to impact financial markets.
“I am committed to Robinhood and our millions of customers who represent the next generation of retail investors,” Gallagher said. “I feel I can make tremendous progress in my current role to democratize finance, and I will continue to be a vocal and consistent advocate for positive change.”
Gallagher isn’t the only high-profile figure to step away from the SEC’s top job. Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) under Trump, recently said on social media that he wasn’t interested in “cleaning up the problems that Gary Gensler caused.”
*This is not investment advice.