Trump transition team considers Dan Gallagher for SEC chair, with Paul Atkins, Hester Peirce, and key banking regulators also in the mix.
The Trump transition team is reportedly considering a range of candidates for key financial regulatory roles, with Dan Gallagher emerging as a strong contender for chairman of the U.S. Securities and Exchange Commission (SEC). According to Reuters, Gallagher, currently Robinhood’s Chief Legal Officer, served as an SEC commissioner from 2011 to 2015.
He is most famous for backing financial liberalization and innovation, especially his stance on cryptocurrencies. However, Gallagher took a unique stand when he recommended treating cryptocurrencies as separate assets rather than securities, as most cryptocurrency executives would prefer.
Gallagher has become a contender, and his campaign is promising, especially among the people in the crypto space who have advocated for such a strategy. He has also received much support from Republican contributors, many of whom played a role in financing Trump’s prior campaign activities. Gallagher is the leading candidate as the discussions for the SEC chairmanship ensue, but the position is up in the air.
Paul Atkins and Dan Gallagher Lead Contenders for SEC Chair
Other possible nominees for the SEC chair are Paul Atkins, the former Republican SEC commissioner and CEO of Patomak Global Partners, who also worked for Trump’s transition team in 2016. While Gallagher was among the leading contenders in 2016, he has become even stronger, and Atkins is his main rival. Another name mentioned was Hester Peirce, a current Republican SEC commissioner described as pro-crypto. Still, insiders report that Peirce is not a candidate for the chairman of the SEC.
Apart from the SEC, other positions of interest to the transition team include those in banking regulation. Trump has pledged to reduce so-called “onerous” rules, which, if implemented, could produce substantial shifts in regulations that apply to big banks. The administration will likely revise or rescind many of the financial rules implemented during the Biden administration, mainly on capital adequacy and mergers.
In the banking industry, there are two candidates: Michelle Bowman, a Fed governor with a community banking background, and Travis Hill, a Republican vice chairman of the FDIC Board. Bowman and Hill have also spoken ill of the current state of regulation. He also opposed some of the more stringent measures being pursued by the Biden administration.
As the Trump team moves closer to finalizing its appointments, all eyes are on how these regulatory shifts. These changes could reshape the future of U.S. financial oversight, particularly in sectors like cryptocurrency and banking.
