Robinhood's General Counsel Drops a Bombshell! Dan Gallagher Declares He Has No Intention of Serving as SEC Chairman

According to a report by Reuters, Robinhood's General Counsel Dan Gallagher withdrew from the competition for the SEC chairman in the Trump administration on Friday. In a previous report by Bloomberg, eight potential candidates for the SEC chairman in the Trump administration were named, and Dan Gallagher was one of them. His withdrawal has intensified the competition for the SEC chairman position and increased anticipation for who will be selected before the Trump administration takes office.

(SEC Chairman Gary Gensler will step down on Trump's inauguration day. Who are the popular candidates?)

Dan Gallagher stated that he has no intention of serving as SEC chairman

"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. He will continue to serve the customers of Robinhood and the retail brokerage firm. In fact, this decision is not surprising. In fact, among the eight potential candidates, Dan Gallagher was rumored to be one of the candidates for the SEC chairman of the Trump administration before the election. We captured such news as early as early October."

(The Trump administration may select a new SEC chairman, and Robinhood's legal counsel is rumored to replace Gary Gensler)

When asked if Dan Gallagher would leave Robinhood and turn to the position of SEC chairman if Trump won, he said, 'He loves this job, but it is an honor to have my name mentioned in any discussion about the next SEC chairman.' From this, it can be heard that his position is conservative, and there is not too much impulsive action towards the position of SEC chairman. The response at that time also shows that he has a considerable sense of responsibility for his work at Robinhood, which may also be a factor to consider.

Dan Gallagher is the source of confidence in the encryption industry for the Trump administration

However, industry insiders say that the restrictions on investment by public officials could be a potential catalyst for Dan Gallagher, who served as an SEC commissioner from 2011 to 2015. Despite the widespread belief that Dan Gallagher is the frontrunner in this race and has contributed a lot of campaign funds to the encryption industry favored by Trump, it is precisely because of the expectation that Dan Gallagher may become the chairman of the SEC in the Trump administration that they are willing to invest heavily and make their position clear.

Trump's spokesperson has not commented on Dan Gallagher's statement, but still said Trump is deciding who will serve as the SEC chairman in his government. The competition has intensified with Dan Gallagher, who was leading the race, dropping out, leaving seven remaining candidates.

This article Robinhood's General Counsel throws a bombshell! Dan Gallagher declares he has no intention of serving as SEC Chairman. First appeared on ChainNews ABMedia.