Statement on the Subject Made by the New Name Allegedly to Be SEC Chairman!

Robinhood’s Chief Legal Officer Dan Gallagher rejected Gary Gensler’s bid to become the next chairman of the Securities and Exchange Commission (SEC) after he announced his resignation.

“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 January 20, 2025, has sparked speculation about who will lead the SEC. Gallagher, who was an SEC commissioner under President Barack Obama and an advisor during the presidency of George W. Bush, was said to be the leading candidate for the post.

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 to influence financial markets from the private sector.

“I am committed to Robinhood and our millions of customers who represent the next generation of retail investors,” Gallagher said. “I feel like I can make tremendous progress toward the democratization of finance in my current role, and I will continue to be a vocal and consistent advocate for positive change.”

Gallagher isn’t the only notable name moving away from the SEC’s top spot. Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) under the Trump administration, recently declared on social media that he is not interested in “cleaning up the problems caused by Gary Gensler.”

*This is not investment advice.