President-elect Donald Trump’s transition team is considering a selection of corporate lawyers and Republican regulators for leadership roles at key financial institutions, with plans to present a final shortlist soon, Reuters reported on November 7, citing sources familiar with the discussions.
Top candidates for chairman of the Securities and Exchange Commission (SEC) include Dan Gallagher, Robinhood’s chief legal officer and former SEC commissioner, and Paul Atkins, a former SEC commissioner who currently heads consulting firm Patomak Global Partners.
Gallagher is a favorite candidate among crypto executives who contributed significantly to Trump’s campaign and is currently the frontrunner for the top SEC role.
Industry leaders expect his appointment could change the agency’s stance and move away from policies under current SEC Chairman Gary Gensler, who has taken a hard line on crypto regulation. Discussions remain fluid and multiple options are being explored, sources said.
Another name being considered for SEC leadership is Robert Stebbins, a partner at Willkie Farr & Gallagher who served as the SEC’s general counsel during the previous Trump administration. Gensler’s term ends in 2026, although he has signaled his intention to step down along with the new administration.
Meanwhile, SEC Commissioner Hester Peirce reportedly has no interest in serving as SEC chairman, despite strong support within the crypto industry.
Trump expected to relax banking rules
Trump has indicated he plans to eliminate “burdensome” regulations, with the changes likely to center on the recently drafted Basel rules, which mandate higher capital requirements for big banks and other regulatory measures taken under the Biden administration are set.
While Trump could replace acting Comptroller of the Currency Michael Hsu on his first day in office, it could take longer to implement changes at the Federal Reserve’s regulatory division and the Federal Deposit Insurance Corporation (FDIC).
Potential nominees for top banking jobs include Fed Governor Michelle Bowman, an advocate for relaxing banking regulations, and Travis Hill, the vice chairman of the FDIC board. Jonathan Gould, a former senior deputy comptroller at the Office of the Comptroller of the Monet, is also reportedly under investigation.
Trump’s campaign received 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, the report said.