Key Takeaways
- Trump's team considers Dan Gallagher for SEC chair.
- Gallagher is favored by Bitcoin industry leaders.
- Trump plans to ease regulations on banking and finance.
President-elect Donald Trump’s team is reportedly considering Dan Gallagher, Robinhood’s chief legal officer, as the frontrunner for the chair of the U.S. Securities and Exchange Commission (SEC).
Gallagher, a former SEC commissioner, is highly favored among Bitcoin industry leaders who backed Trump’s campaign.
His potential appointment would mark a significant shift from current SEC Chair Gary Gensler’s stringent regulatory approach.
Other candidates
Trump’s administration is also reviewing other candidates, including Paul Atkins, ex-SEC commissioner and current head of Patomak Global Partners, and Robert Stebbins, former SEC general counsel.
While Gensler’s term officially ends in 2026, sources indicate he may step down as the new administration takes office.
SEC Commissioner Hester Peirce, a popular figure within the Bitcoin sector, is reportedly uninterested in the chair position.
Agenda change
The transition team has also signaled a broader agenda to roll back regulatory policies under the Biden administration, particularly targeting the Basel rules that raised capital requirements for large banks.
Other potential nominees for financial leadership roles include Federal Reserve Governor Michelle Bowman and Travis Hill, vice chairman of the FDIC Board.
Trump’s administration aims to ease bank regulations, a shift that could benefit both traditional finance and Bitcoin sectors.
Trump’s spokesperson, Karoline Leavitt, confirmed that personnel announcements would be made soon.
