President-elect Donald Trump wants to seek out another person to switch US Securities and Alternate Fee chair Gary Gensler.
The Particulars: In response to Bloomberg, Dan Gallagher, chief authorized officer at Robinhood Markets, Inc. HOOD has eliminated himself from consideration as head of the SEC.
Gallagher expressed his intention to stay at Robinhood in an emailed assertion.
“It’s at all times an honor to have your title within the combine for an extremely vital job like SEC Chairman. Nonetheless, I’ve made it clear that I don’t want to be thought-about for this place,” Gallagher mentioned.
“I’m dedicated to Robinhood and our hundreds of thousands of consumers who signify the brand new technology of retail traders.”
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Gallagher has been Robinhood’s chief authorized officer since 2020. He steered the corporate via the GameStop Corp. GME meme inventory saga and Trump thought-about him a prime contender for the place. He was a Republican SEC commissioner from 2011 to 2015, and beforehand served in different senior roles within the company.
The crypto neighborhood favored Gallagher, feeling he would assist to advance pro-crypto regulatory change.
Among the many different names being floated for SEC chair embody: Robert Stebbins, the SEC’s former normal counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former cryptocurrency government and former performing comptroller of the foreign money.
As for Gallagher, he’ll keep on as head authorized counsel at Robinhood.
“I’ll stay a vocal and constant advocate for optimistic change in our markets,” Gallagher mentioned. He added that he’s “excited to work with the incoming Trump Administration, together with the subsequent SEC Chairman and the SEC workers, to advertise innovation and supply extra alternative for retail traders.”
Worth Motion: In response to Benzinga Professional, Robinhood shares ended Friday’s session up 4.45% at $36.65.
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