According to Reuters report, Robinhood's Chief Legal Officer Dan Gallagher has withdrawn from the race to become the SEC chair in the Trump administration on Friday. In a previous Bloomberg report, eight potential candidates for the SEC chair position in the Trump administration were named, and Dan Gallagher was one of them. His withdrawal has intensified the race for the SEC chair, making it more competitive, and leaving people more eager to see who will be selected before the Trump administration takes office.
(SEC Chair Gary Gensler to step down on Trump's inauguration day, who are the top contenders?)
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ToggleDan Gallagher rules out becoming SEC chair
"I have made it clear to the relevant parties that I am not interested in being considered for this position," Dan Gallagher said in a statement, after which he decided to continue serving Robinhood and its retail brokerage clients. In fact, this decision has a trace, as Dan Gallagnher was one of the potential candidates for the SEC chair position in the Trump administration even before the election, and we had already caught this news in early October.
(Potential SEC chair in the Trump administration, Robinhood's legal counsel may replace Gary Gensler)
When asked at the time whether he would leave Robinhood and run for the SEC chair position if Trump won, he said: "He loves this job, but it's an honor to be mentioned in any discussion about the next SEC chair." From this, we can hear that his stance is more conservative, and he has not been too eager for the SEC chair position, and his response at the time also shows that he has a strong sense of responsibility for his work at Robinhood, which may also be a factor in his consideration.
Dan Gallagher is a source of confidence for the crypto industry in the Trump administration
However, industry insiders say that the restrictions on public officials' investments could be a potential push factor for Dan Gallagher, who served as an SEC commissioner from 2011 to 2015. Although the media all see Dan Gallagher as the frontrunner in this race, and the crypto industry, which has contributed a lot of campaign funds to Trump, is also counting on Dan Gallagher to become the SEC chair in the Trump administration, they are willing to invest heavily to express their support.
The Trump administration's spokesperson has not yet commented on Dan Gallagher's statement, but still says that Trump is still deciding who will hold the SEC chair position in his administration. And this race has become more intense due to the withdrawal of the frontrunner Dan Gallagher, leaving the remaining seven candidates in the spotlight.
