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Robinhood’s Dan Gallagher declines potential SEC leadership role

Press Releases Crypto News Crypto-News Robinhood’s Dan Gallagher declines potential SEC leadership role

Dan Gallagher, Robinhood Markets’ chief legal officer, has withdrawn from consideration to lead the U.S. Securities and Exchange Commission under the incoming Trump administration.

Gallagher’s decision to remove himself from consideration marks a major development in the search for Gary Gensler’s successor. Gensler has announced his planned departure for Jan. 20, 2025, concluding a tenure marked by major cryptocurrency industry oversight and enforcement actions.

According to Bloomberg, Gallagher wrote in an email:

“I am committed to Robinhood and our millions of customers who represent the new generation of retail investors.”

Gallagher also expressed his enthusiasm for working with the incoming Trump administration and future SEC chair to advance innovation and retail investor opportunities.

Gallagher served as an SEC commissioner earlier

Gallagher brings substantial regulatory experience, having served as an SEC commissioner from 2011 to 2015 and holding senior positions in the agency’s Division of Trading and Markets.

Since joining Robinhood in mid-2020, he has guided the company through the world of the meme stock trading phenomenon. His prior experience includes roles at WilmerHale and as chief legal officer at Mylan NV.

The crypto community had viewed Gallagher as a potential ally in implementing Trump’s pro-cryptocurrency agenda.

Rumors of Trump’s asking Gallagher to the lead the SEC began last month.

Gallagher’s name emerged at a time when tensions between the SEC and the crypto industry were at an all-time high. Under Gensler, the SEC has been cracking down on crypto exchanges like Coinbase, Kraken, Ripple and Binance, arguing that many cryptocurrencies should be classified as securities.