Dan Gallagher Withdraws from SEC Chair Consideration

Dan Gallagher, the Chief Legal Officer of Robinhood Markets, has withdrawn from consideration for the chair of the Securities and Exchange Commission (SEC) under President-elect Donald Trump, stating he is committed to his role at Robinhood and its customers. Gallagher, a former SEC commissioner, was seen as a frontrunner for the position, which would have been significant for the cryptocurrency industry amidst ongoing regulatory scrutiny. Other potential candidates for the SEC chair include Paul Atkins, Robert Stebbins, and Brian Brooks, as Trump finalizes his administration. Gallagher emphasized his dedication to democratizing finance and plans to advocate for positive changes in the market while collaborating with the new SEC leadership. His decision opens the door for other contenders as Trump prepares for his inauguration. The SEC's current chair, Gary Gensler, is set to leave office in January, prompting calls for a shift in the agency's crypto policies.