By Niket Nishant and Chris Prentice
(Reuters) – Robinhood Markets (NASDAQ:)’ Chief Legal Officer Dan Gallagher on Friday withdrew from consideration to become chairman of the Securities and Exchange Commission in the Trump administration, leaving other Republican former SEC officials among the top candidates.
“I have made it clear to the relevant people that I am not interested in being considered for the role,” he told CNBC.
Gallagher said in a statement that he is committed to Robinhood and the retail brokerage’s customers.
Industry sources said restrictions on government officials’ investments were a potential deterrent for Gallagher, who served as an SEC commissioner from 2011 to 2015.
Gallagher was the frontrunner for the job, Reuters and other media reported earlier this month, citing sources familiar with the matter. His candidacy was backed by executives in the cryptocurrency space, a major source of campaign finance for newly elected President Donald Trump.
Trump spokesperson Karoline Leavitt did not comment directly on Gallagher’s announcement, but said Trump was still deciding who would serve in his administration.
Gallagher’s decision to withdraw opens the door for other contenders.
Reuters and other media have reported that former SEC Commissioner Paul Atkins, CEO of consulting firm Patomak Global Partners (NYSE:), and Willkie Farr & Gallagher law firm partner Robert Stebbins, who served as the SEC’s general counsel during the first Trump administration, also were considered for SEC chairman.
A person with knowledge of the matter said Thursday evening that they are still contenders. Neither Atkins nor Stebbins immediately returned a request for comment
Another potential candidate is Teresa Goody Guillén, a partner at law firm BakerHostetler and co-leader of the blockchain team, Coindesk reported on Tuesday. She declined to comment when contacted by Reuters on Wednesday and did not immediately respond to a request for comment on Friday.
The cryptocurrency industry is seeking a complete overhaul of the SEC’s crypto policies, ending the crackdown by current SEC Chairman Gary Gensler, who is leaving office in January ahead of Trump’s inauguration.
Atkins, who served on Trump’s transition team in 2016 when he was also running for the SEC chairmanship, is a crypto enthusiast, while Stebbins has been criticized by some crypto executives for his role in crypto enforcement actions during his time at the agency.
Trump’s transition team has spoken to as many as a dozen potential candidates for the position, according to multiple sources and media reports. A decision will likely wait until a finance minister is announced.
