President-Elect Donald Trump’s transition team is currently considering a list of corporate attorneys and Republican regulators for key financial agency leadership roles. 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 and is seen as the frontrunner for the top SEC role. Industry leaders believe his appointment could lead to a shift in the agency’s stance on crypto regulation.
Another contender for the SEC leadership position is Robert Stebbins, a partner at Willkie Farr & Gallagher who previously served as SEC general counsel in Trump’s previous administration. Current SEC Chair Gary Gensler’s term ends in 2026, and it is expected that he will step down with the incoming administration. Despite strong support within the crypto industry, SEC Commissioner Hester Peirce reportedly has no interest in serving as SEC chair.
President-Elect Trump has expressed a desire to ease banking regulations, focusing on eliminating what he views as “burdensome” regulations. Potential changes may include revisions to the recently drafted Basel rules, which mandate increased capital requirements for large banks. Acting Comptroller of the Currency Michael Hsu could be replaced on Trump’s first day, but implementing changes at the Federal Reserve’s regulatory division and the Federal Deposit Insurance Corporation (FDIC) may take longer.
Possible nominees for top banking roles include Fed Governor Michelle Bowman, known for advocating for easing bank regulations, and Travis Hill, the FDIC Board’s vice chairman. Jonathan Gould, a former senior deputy comptroller at the Office of the Comptroller of the Currency, is also reportedly being considered for a role in the Trump administration. Trump’s campaign received significant support from crypto interests, promising to promote Bitcoin and overhaul the SEC’s regulatory approach.
According to Trump’s national press secretary, Karoline Leavitt, the president-elect is expected to make personnel announcements regarding financial agency leadership roles soon. Overall, the transition team is focused on selecting individuals who align with Trump’s agenda of reducing regulations and promoting economic growth within the financial industry. With discussions ongoing and multiple options under review, the finalized shortlist for key financial agency positions is expected to be presented in the near future.
In conclusion, as President-Elect Donald Trump prepares to take office, the selection of individuals to lead key financial agencies such as the SEC and banking regulatory bodies is crucial. Industry leaders and crypto executives are closely watching the potential appointments, hoping for a shift in regulatory policies that could benefit their respective interests. With plans to ease banking regulations and promote economic growth, Trump’s choices for these leadership positions will play a significant role in shaping the future of the financial industry under his administration.
