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President-elect Donald Trump wants to seek out another person to exchange US Securities and Trade 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 identify within the combine for an extremely necessary job like SEC Chairman. Nonetheless, 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 tens of millions of shoppers who signify the brand new technology 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 high 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 neighborhood 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 basic counsel; Paul Atkins, former SEC commissioner; and Brian Brooks, former cryptocurrency govt 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 following SEC Chairman and the SEC workers, 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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