Following Gary Gensler’s announcement of his resignation, speculation continues as to who will become the new SEC Chairman.
Robinhood Chief Legal Officer Dan Gallagher has declined to serve as the next Chairman of the Securities and Exchange Commission (SEC) after Gary Gensler announced his resignation.
"It is always an honor to be considered for the important position of SEC Chairman," Gallagher said in a statement. "However, I have made it clear that I do not wish to be considered for this position." Gensler's resignation, which will be effective when President-elect Donald Trump takes office on Jan. 20, 2025, has fueled speculation about who will take over as SEC leader.
Gallagher, who served as an SEC commissioner during President Barack Obama's administration and as an adviser during President George W. Bush's administration, is said to be the preferred candidate for the position. Gallagher's experience and past Republican connections make him a likely candidate.
In October, Politico reported that lobbyists, securities lawyers and former regulators were discussing his name. But Gallagher reiterated his commitment to Robinhood, saying he sees huge potential for the private sector to influence financial markets.
“I am committed to Robinhood and our millions of customers, who represent the next generation of retail investors,” Gallagher said.
I feel I can make tremendous progress in democratizing finance in my current role, and I will continue to be an active advocate for change.”
Gallagher isn’t the only high-profile figure to resign from the SEC’s top job. Chris Giancarlo, the former chairman of the Commodity Futures Trading Commission (CFTC) during the Trump administration, recently said on social media that he was not interested in “cleaning up the problem that Gary Gensler created.”
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