The Trump transition team is eyeing Robinhood’s Chief Legal Officer Dan Gallagher for the U.S. SEC top position. Gallagher, a known supporter of financial innovation, stands out for his softer stance on cryptocurrency regulation.
He advocates for treating digital assets as a distinct asset class, diverging from strict securities rules. Sources report that Trump’s team is weighing a shortlist that includes retail brokers, bank regulators, and legal experts for critical financial roles, aiming to present options to the president-elect soon.
Gallagher, an SEC commissioner from 2011 to 2015 and currently a leading voice at Robinhood, has become one of the most admired, being backed by strong crypto donors to Trump’s campaign. Another existing, such as Paul Atkins, as well, former Republican SEC commissioner, and Robert Stebbins, the last SEC general counsel under Trump.
Trump’s push to reform SEC and banking regulations
Trump’s campaign has attracted the crypto industry’s interest with promises to reform the SEC and halt Democratic Chair Gary Gensler’s regulatory push. Crypto firms see a potential shift if Trump appoints a leader sympathetic to their interests, particularly amid talks of scaling back Gensler’s policies.
Banking has also come under scrutiny, along with bank supervision. Trump is aiming to ease the rules that he calls “burdensome,” including the Basel capital and merger restrictions. Additionally, the transition team is examining the possible candidates for the Federal Reserve, FDIC, and OCC.
The list of recommendations includes moves such as Fed Governor Michelle Bowman and FDIC Vice Chair Travis Hill. It might be appropriate to note that opposition from both has shown during the debate on recent capital hikes, which is a possibility due to the easing of the banking regulation.
The final selections for these positions remain uncertain, although Trump’s team projects that they will finalize it in the next few weeks. On the other hand, Gallagher, Atkins, and Stebbins, who are reportedly contenders, have not made any statement, whereas Trump’s press secretary claimed that they are now busy making the necessary preparations for a possible Republican presidency.
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