Trump’s Transition Team Weighs Corporate Lawyers, Regulators for Financial Leadership Roles

resident-elect Donald Trump’s transition team is reportedly in the process of evaluating a list of corporate attorneys and seasoned Republican regulators for top positions in key financial agencies, with an expected shortlist due soon. Sources familiar with the matter revealed that candidates for the head of the Securities and Exchange Commission (SEC) are under particular scrutiny, given Trump’s campaign promises to shift financial regulatory policies, Reuters reported on November 7.

Among the frontrunners for SEC chair are Dan Gallagher, currently Robinhood’s chief legal officer and a former SEC commissioner, and Paul Atkins, an ex-SEC commissioner now leading Patomak Global Partners. Gallagher, popular among crypto leaders and a significant campaign contributor, has emerged as a favorite. His potential appointment is seen as a likely pivot from current SEC Chair Gary Gensler’s stricter approach to crypto regulation, which has been widely contested within the industry. Sources indicated that discussions are ongoing, with multiple names still in contention.

Another name in the mix for SEC leadership is Robert Stebbins, a partner at Willkie Farr & Gallagher who previously served as SEC general counsel during Trump’s first term. While Gensler’s current term runs until 2026, he has expressed openness to stepping down as the new administration takes office.

SEC Commissioner Hester Peirce, although well-regarded in the crypto community, reportedly has no interest in taking on the SEC chair role.

Banking Regulation Overhaul on the Agenda

Trump has pledged to reduce "burdensome" banking regulations, targeting recent Basel standards which demand higher capital reserves from large banks, along with other regulations enacted under the Biden administration. This regulatory easing is expected to be a key focus as Trump’s administration takes shape.

While Trump could replace Acting Comptroller of the Currency Michael Hsu immediately upon assuming office, reorienting leadership at the Federal Reserve’s regulatory department and the Federal Deposit Insurance Corporation (FDIC) may require additional time.

In consideration for top banking roles are figures like Fed Governor Michelle Bowman, known for advocating regulatory relief for banks, and Travis Hill, currently vice chairman of the FDIC board. Jonathan Gould, former senior deputy comptroller at the Office of the Comptroller of the Currency, is also reportedly under review.

Crypto Community Anticipates Favorable Policy Shift

Trump’s campaign has received notable support from crypto interests, with promises to revamp the SEC’s regulatory stance and endorse Bitcoin initiatives. Karoline Leavitt, Trump’s national press secretary, confirmed that official personnel announcements would be made soon, signaling potential shifts in the regulatory landscape under the incoming administration.