Gary Gensler Is Leaving the SEC, However Robinhood Exec Dan Gallagher Doesn't Need the Job – Decrypt

Robinhood Chief Authorized Officer Dan Gallagher isn’t inquisitive about serving as the subsequent chairman of the Securities and Change Fee (SEC), expressing content material together with his present function on the well-liked investing platform.

“It’s at all times an honor to have your identify within the combine for an extremely vital job like SEC Chairman,” Gallagher informed Decrypt in an announcement. “Nevertheless, I’ve made it clear that I don’t want to be thought-about for this place.”

Gallagher’s assertion follows SEC Chair Gary Gensler’s resignation announcement Thursday, signaling that the figurehead would step down from his management function when President-elect Donald Trump assumes the White Home on January 20, 2025.

Within the run-up to the presidential election, Gallagher was reportedly within the working to guide the company tasked with regulating securities markets. Politico was first to report the event in October, citing conversations with unnamed lobbyists, securities legal professionals, and former regulators.

Gallagher match the invoice as somebody with prior expertise on the SEC. He served as a Republican commissioner for the SEC throughout former President Barack Obama’s tenure, whereas performing as counsel on the company throughout George W. Bush’s presidency. 

Whereas Gallagher might’ve been a crypto-friendly power on the SEC, he stated that his function at Robinhood provides him a possibility to enhance markets in its personal method.

“I’m dedicated to Robinhood and our tens of millions of shoppers who characterize the brand new era of retail buyers,” he stated. “I really feel I could make great progress to democratize finance in my present function, and I’ll stay a vocal and constant advocate for constructive change.”

Gallagher isn’t the one SEC contender to not too long ago take away their identify from the combo. Trump’s former Commodity Futures Buying and selling Fee (CFTC) chair, Chris Giancarlo, wrote final week that he isn’t inquisitive about cleansing up a “Gary Gensler mess” on Twitter (aka X).

Whereas crypto advocates have grown weary of the SEC’s regulatory strategy to the business, marked by enforcement actions, Gallagher isn’t any stranger both. In Could, Robinhood obtained an enforcement menace from the SEC, scrutinizing its digital property enterprise.

When requested about his openness to Gensler’s place in October, Gallagher informed Decrypt that he was “honored” to be into consideration. However it seems that another person will finally fill Gensler’s footwear, whereas Gallagher stays dedicated to the personal sector

Edited by Andrew Hayward