Trump’s transition team is reportedly considering Robinhood’s top lawyer and other corporate attorneys and bank regulators for leadership roles in key financial agencies, according to multiple sources.
Dan Gallagher, who served as a Republican SEC commissioner from 2011 to 2015 and is now Robinhood’s chief legal and compliance officer, is currently the frontrunner for SEC chair. Gallagher is popular among crypto executives who contributed significantly to Trump’s campaign. However, sources noted that these discussions remain fluid.
Paul Atkins, another former Republican SEC commissioner and current CEO of Patomak Global Partners, is also being considered. Atkins previously served on Trump’s transition team in 2016 and was a contender for the SEC chair role. Former SEC general counsel Robert Stebbins, now a partner at Willkie Farr & Gallagher, is also in consideration.
According to sources, Trump’s team is preparing a shortlist for each financial agency, a process that could take several weeks. Gallagher and Atkins did not respond to requests for comment, while Stebbins declined to comment. Trump’s press secretary, Karoline Leavitt, stated, “President-Elect Trump will begin making decisions on who will serve in his second Administration soon.”
The crypto industry, hoping for regulatory reforms, sees this potential leadership change as an opportunity to end the SEC’s recent crackdown. However, SEC Commissioner Hester Peirce, a favorite among crypto advocates, has indicated she does not want the SEC chair role.
For banking regulatory roles, the team is considering Michelle Bowman, a Fed governor and former community banker, known for her opposition to capital hikes, and Travis Hill, the FDIC vice chairman. Jonathan Gould, former senior deputy comptroller, is also under consideration.
Trump’s administration has pledged to reduce regulatory burdens and is expected to reassess several banking rules introduced under the Biden administration.