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President-Elect Donald Trump’s transition team is considering a roster of corporate attorneys and Republican regulators for leadership roles in key financial agencies, with plans to present a finalized shortlist soon, Reuters reported Nov. 7, citing sources familiar with the discussions.
Among the top candidates for chair of the Securities and Exchange Commission (SEC) are Dan Gallagher, Robinhood’s chief legal officer and former SEC commissioner, and Paul Atkins, an ex-SEC commissioner currently heading consulting firm Patomak Global Partners.
Gallagher is a favored candidate among crypto executives who contributed significantly to Trump’s campaign and is currently the frontrunner for the top SEC role.
Industry leaders anticipate his appointment could shift the agency’s stance, moving away from the policies under current SEC Chair Gary Gensler, who has taken a hard line on crypto regulation. Discussions remain fluid, with multiple options under review, sources said.
Another name under consideration for SEC leadership is Robert Stebbins, a partner at Willkie Farr & Gallagher, who served as SEC general counsel in Trump’s previous administration. Gensler’s term ends in 2026, though he has signaled his intention to step down with the incoming administration.
Meanwhile, SEC Commissioner Hester Peirce reportedly has no interest in serving as the SEC chair despite strong support within the crypto industry.
Trump expected to ease banking regulations
Trump has signaled an intention to eliminate “burdensome” regulations, with changes likely to focus on the recently drafted Basel rules, which mandate increased capital requirements for large banks and other regulatory measures instituted under the Biden administration.
While Trump can replace Acting Comptroller of the Currency Michael Hsu on his first day, it may take longer to implement changes at the Federal Reserve’s regulatory division and the Federal Deposit Insurance Corporation (FDIC).
Potential nominees for top banking roles include Fed Governor Michelle Bowman, an advocate for easing bank regulations, and Travis Hill, the FDIC Board’s vice chairman. Jonathan Gould, former senior deputy comptroller at the Office of the Comptroller of the Currency, is also reportedly under consideration.
Trump’s campaign drew significant support from crypto interests, with promises to promote Bitcoin and overhaul the SEC’s regulatory approach.
Karoline Leavitt, Trump’s national press secretary, stated that the president-elect will make personnel announcements soon, according to the report.
