By Officials from Donald Trump’s transition team are reportedly preparing a shortlist of candidates for major financial agency leadership positions, including the Securities and Exchange Commission (SEC).
According to sources cited by Reuters, these candidates include Robinhood’s chief legal and compliance officer, experienced bank regulators, and corporate attorneys.
🇺🇸 LATEST: Robinhood CLO Dan Gallagher is reportedly being considered on shortlist for SEC Chair under Trump, per Reuters.
Dan Gallagher, a former Republican SEC commissioner (2011-2015) and current legal head at Robinhood, is a prominent contender for SEC chair, as multiple insiders have confirmed.
Gallagher is particularly favored by cryptocurrency executives, many of whom supported Trump’s campaign with significant financial contributions.
Despite his current status as the frontrunner, sources indicate that discussions remain ongoing.
Other names: Paul Atkins and Robert Stebbins
Another name under consideration is Paul Atkins, also a former Republican SEC commissioner and the CEO of Patomak Global Partners.
Atkins was a member of Trump’s 2016 transition team and was previously in the running for SEC chair.
Additionally, Robert Stebbins, a partner at Willkie Farr & Gallagher and former SEC general counsel during Trump’s first administration, is being evaluated for the shortlist.
The Trump team is finalizing lists for various key roles at financial agencies, with plans to present them to the president-elect soon.
However, insiders note that the process could extend for several weeks, and outcomes are not yet certain.
Karoline Leavitt, Trump’s national press secretary, stated, “President-Elect Trump will begin making decisions on who will serve in his second Administration soon. Those decisions will be announced when they are made.”
Trump’s campaign has actively sought support from the crypto industry, promising to advocate for Bitcoin and revise SEC regulations.
Current SEC Chair Gary Gensler, a Democrat, has taken a tough stance against the crypto sector, accusing it of bypassing agency rules.
Crypto firms are lobbying for a new SEC leader who will reverse these policies and adopt a more favorable approach.
Donald Trump has pledged to remove Gensler
During his presidential campaign, Donald Trump pledged to remove SEC Chair Gary Gensler on his first day in office. Gensler, known for his tough approach toward the crypto industry, has frequently criticized it for being dominated by speculators.
🇺🇸 TRUMP: “I will fire Gary Gensler and appoint a new SEC chairman … who believes America should build the future, not block the future.”
Under Gensler’s leadership, the SEC has pursued legal actions against several major crypto firms and executives, with high-profile cases involving companies like Coinbase, Binance, and Ripple still ongoing.
Despite Trump’s stance, Gensler, 28, has stated that he plans to remain in his role until the end of his term in 2026, which began when President Biden appointed him in 2021.
Historically, SEC chairs have resigned when there is a change in presidential administration.
This precedent suggests Gensler might step down voluntarily if a Republican administration takes the White House.
However, it’s important to note that US presidents cannot dismiss an executive agency commissioner without cause—a rule established in the 1930s to prevent President Franklin Roosevelt from reorganizing the Federal Trade Commission.
This limitation also applies to other agency leaders, including Federal Reserve Chair Jerome Powell. Trump, during his first term, made multiple threats to remove Powell.
According to reports, Powell might serve out his full term, which ends in May 2026.
When asked if he feared losing his position under a potential Trump administration, Powell firmly responded, “No,” emphasizing that Trump lacked the legal authority to dismiss him. “Not permitted under law,” Powell stated.
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