Robinhood's Gallagher bows out of race for SEC Chair position

Dan Gallagher, the top lawyer at Robinhood Markets Inc., has removed himself from consideration to lead the US Securities and Exchange Commission under President-elect Donald Trump.

“I have made it clear that I do not wish to be considered for this position,” Gallagher said in an emailed statement. He added that it’s an honor to have his name “in the mix.” 

“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors,” Gallagher said. He also said he was excited to work with the incoming Trump administration and next SEC chair “to promote innovation and provide more opportunity for retail investors.” 

Gallagher’s decision to drop out from the list of prospective candidates was first reported by CNBC.

He was an early contender for a position that’s expected to play a key role in pushing through regulatory changes favorable to the digital-asset industry. Some crypto proponents had supported Gallagher’s bid for the top SEC job, seeing him as someone who would back Trump’s pro-crypto agenda.

Gallagher has been Robinhood’s top lawyer since mid-2020, helping the brokerage navigate fallout from the “meme stock” trading frenzy. He was a Republican SEC commissioner from 2011 to 2015, and previously served in senior roles in the agency’s Division of Trading and Markets. 

His resume outside of government includes securities law at WilmerHale and serving as chief legal officer from 2017 to 2019 at Mylan NV, the maker of the EpiPen.

SEC Chair Gary Gensler announced Thursday that he plans to step down on Jan. 20.