Robinhood’s Legal Chief No Longer Leading in SEC Chair Race

Dan Gallagher, Robinhood's Chief Legal Officer, who was once considered the top contender to lead the U.S. Securities and Exchange Commission (SEC), is no longer in the running.

Betting markets had pegged him as a favorite, with Kalshi users giving him a 61% chance of taking the SEC helm. However, his chances have now significantly decreased. Paul Atkins, the CEO of Patomak Global Partners, has emerged as the new frontrunner, with Kalshi users giving him a roughly 60% probability of securing the role.

Fox Business reporter Charles Gasparino recently reported that Atkins is “in the lead position,” citing an anonymous source familiar with the situation. John Reed Stark, a former SEC official, expressed strong support for Atkins, praising him as an excellent choice.

Stark believes that, with his background as a former SEC commissioner, Atkins could bring a more balanced and thoughtful approach to cryptocurrency regulation. Stark noted that Atkins tends to favor free-market principles and is against excessive regulation, which could bode well for the crypto industry.

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Meanwhile, Robert Stebbins, former SEC General Counsel, has faced significant backlash within the crypto community. Ripple CEO Brad Garlinghouse called his potential nomination “unconscionable.” The current SEC Chair, Gary Gensler, is set to leave the agency on January 20, and SEC Commissioner Jaime Lizárraga, who opposed several Bitcoin ETF proposals, is also expected to step down in January.