(Reuters) - Robinhood Markets' ( HOOD ) Chief Legal Officer Dan Gallagher, a former commissioner of the Securities and Exchange Commission who was reportedly the frontrunner to become its chair under Donald Trump, told CNBC on Friday he was not interested in the role.

"I've made it clear to the relevant people that I'm not interested in being considered for the role," he said.

Gallagher, a Republican SEC commissioner from 2011 to 2015, joined Robinhood in 2020. He is expected to play a crucial role in the retail brokerage's defense in its dispute with the SEC over potential enforcement action related to the cryptocurrencies listed on its platform.

His appointment as the SEC chair would have marked a major milestone for the crypto industry, which has faced stringent scrutiny under current Chair Gary Gensler.

Gallagher's decision to bow out opens the door for other contenders. Among them is Paul Atkins, another former Republican SEC commissioner and CEO of consultancy Patomak Global Partners, Reuters reported earlier this month.

Robert Stebbins, a partner at law firm Willkie Farr & Gallagher who served as SEC general counsel during Trump's first administration, is also in the mix.

Trump's administration is taking shape as he nears his inauguration in January. On Thursday, the President-elect appointed Pam Bondi to be U.S. Attorney General.