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President-elect Donald Trump wants to seek out another person to interchange US Securities and Change Fee chair Gary Gensler.
The Particulars: In line with Bloomberg, Dan Gallagher, chief authorized officer at Robinhood Markets, Inc. HOOD has eliminated himself from consideration as head of the SEC.
Gallagher expressed his intention to stay at Robinhood in an emailed assertion.
“It’s all the time an honor to have your title within the combine for an extremely vital job like SEC Chairman. Nevertheless, I’ve made it clear that I don’t want to be thought of for this place,” Gallagher mentioned.
“I’m dedicated to Robinhood and our hundreds of thousands of shoppers who symbolize the brand new era of retail buyers.”
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Gallagher has been Robinhood’s chief authorized officer since 2020. He steered the corporate by means of the GameStop Corp. GME meme inventory saga and Trump thought of him a prime contender for the place. He was a Republican SEC commissioner from 2011 to 2015, and beforehand served in different senior roles within the company.
The crypto group favored Gallagher, feeling he would assist to advance pro-crypto regulatory change.
Among the many different names being floated for SEC chair embrace: Robert Stebbins, the SEC’s former common counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former cryptocurrency government and former appearing comptroller of the foreign money.
As for Gallagher, he’ll keep on as head authorized counsel at Robinhood.
“I’ll stay a vocal and constant advocate for optimistic change in our markets,” Gallagher mentioned. He added that he’s “excited to work with the incoming Trump Administration, together with the subsequent SEC Chairman and the SEC employees, to advertise innovation and supply extra alternative for retail buyers.”
Worth Motion: In line with Benzinga Professional, Robinhood shares ended Friday’s session up 4.45% at $36.65.
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