Dan Gallagher Emerges as Leading Candidate for SEC Chair Position

TLDR

• Dan Gallagher, Robinhood’s CLO, emerges as front-runner to replace Gary Gensler as SEC Chair under potential Trump administration
• Gallagher served as Republican SEC commissioner from 2011-2015 and has pro-crypto stance
• Other candidates include Paul Atkins, Robert Stebbins; Hester Peirce declined consideration
• Gensler likely to resign by year-end, ahead of his 2026 term completion
• Trump transition team currently compiling shortlists for financial agency positions

Dan Gallagher, currently serving as Chief Legal Officer at Robinhood Markets, has emerged as the leading candidate to head the Securities and Exchange Commission under a potential Trump administration, according to sources familiar with the matter.

The Trump transition team is actively developing shortlists for key financial agency positions, with Gallagher’s name rising to the top for the SEC chairmanship.

Gallagher previously served as a Republican SEC commissioner from 2011 to 2015, bringing regulatory experience to the potential role.

Current SEC Chair Gary Gensler, whose term officially extends to 2026, is expected to step down by the end of this year. Sources indicate this departure would pave the way for new leadership at the regulatory agency.

Gallagher’s potential selection has drawn attention from cryptocurrency executives, who have contributed millions to Trump’s political campaign.

His stance on financial innovation and market liberalization aligns with industry desires for a lighter regulatory approach toward digital assets.

During his previous tenure at the SEC, Gallagher advocated for treating digital assets as a distinct asset class rather than traditional securities. This position contrasts with the current regulatory approach under Gensler’s leadership.

The selection process remains fluid, with other candidates under consideration. Paul Atkins, another former Republican SEC commissioner who now leads consultancy Patomak Global Partners, is also being evaluated. Atkins previously served on Trump’s 2016 transition team and was considered for the chair position during that period.

Robert Stebbins, currently a partner at law firm Willkie Farr & Gallagher, has also entered discussions for the SEC shortlist. Stebbins brings experience from his role as SEC general counsel during Trump’s first administration.

Notable in the selection process is the absence of current SEC Commissioner Hester Peirce, often referred to as “crypto mom” for her supportive stance on digital assets. Sources indicate Peirce has declined consideration for the position.

Republican SEC Commissioner Mark Uyeda has also been mentioned in discussions about the commission’s future leadership, though his candidacy appears less prominent than Gallagher’s at this stage.

The transition team’s process of compiling shortlists for financial agencies is expected to take several weeks. Trump’s national press secretary, Karoline Leavitt, stated that decisions about second administration appointments will be announced as they are made.

The potential leadership change comes amid ongoing debates about cryptocurrency regulation and market oversight. The crypto industry has pushed for new SEC leadership that might end current regulatory actions and revise existing policies.

The selection discussions extend beyond the SEC to other financial regulatory positions. The transition team is also considering candidates for top banking regulatory roles, including positions at the Federal Reserve and Federal Deposit Insurance Corporation.

Michelle Bowman, a Federal Reserve governor, and Travis Hill, Republican vice chairman of the FDIC Board, are being evaluated for various regulatory positions. Jonathan Gould, a Jones Day partner with previous regulatory experience, is also under consideration.

The timing of these potential appointments aligns with broader discussions about financial policy direction. While specific policy details remain limited, Trump has consistently pledged to reduce regulatory burdens across financial markets.

Sources indicate the transition team will present their shortlists to Trump in the coming weeks, though final decisions on appointments may take longer to finalize.