Donald Trump’s Team Reportedly Considers Robinhood Legal Head For SEC Chair Shortlist

Key takeaways

• Trump's team has shortlisted Robinhood's legal head for the position of SEC chair.
• The list includes some bank regulators and corporate attorneys for key financial heads under the Trump administration.
• This move aligns with Trump's promises during his election campaign to displace the SEC chair and other heads once he wins the presidential election.

The transition team officials for newly elected US president Donald Trump have drawn a short list of key financial agency heads for the SEC chairman position. The list comprises some bank regulators, corporate attorneys, and others for the positions of key financial agency heads.

According to a Reuters report citing people familiar with the matter,the team is considering Dan Gallagher, the present chief legal and compliance officer at Robinhood, for the Securities and Exchange Commission (SEC) chairman.

Gallagher had operated as a Republican SEC commissioner between 2011 and 2015. Moreover, top crypto community members, especially those who supported Trump's campaign with donations of millions of dollars, accept Gallagher.

The report disclosed that Gallagher has gained more preference among others for the position of the SEC Chair. However, the matter isn't yet certain.

Besides Gallagher, Paul Atkins also made it to the list for the SEC chair position. Atkins is the CEO of consultancy firm Patomak and a former Republican SEC commissioner. Also, Atkins was part of Trump's transition team in 2016 and contested for the commission's chair position during the period.

The SEC chair shortlist also includes Robert Stebbins, a partner at Willkie Farr & Gallagher law firm. Stebbins has served as SEC general counsel during Trump's previous administration.

Meanwhile, Trump's national press secretary Karoline Leavitt disclosed that the President-elect will choose those who will serve in his administration.

Leavitt 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 has reflected a pro-crypto disposition during his presidential campaign, attracting the support of the crypto community.

While speaking during the 2024 Bitcoin conference in Nashville, Trump promised to fire Gensler on his first day in office. He also highlighted his commitment to repositioning the US as a leader in the Bitcoin market.

The crypto community has criticized the present SEC chair, Gary Gensler, for his crackdown measures against the industry. Under Gensler's leadership, the SEC applied enforcement regulatory approaches to the industry. The agency initiated several lawsuits against crypto entities, including Ripple, Coinbase, Binance, Kraken, etc.

Following Trump's election victory, the crypto industry remains optimistic as an explosive shift in energy and growth. Usually, presidents appoint the Securities and Exchange Commission chairs, and it's a norm that they step down after each administrative regime.

In 2021, President Joe Biden appointed Gensler, the current boss. Although his tenure should end in 2026, Gensler indicated plans to resign his position if Trump wins.

Meanwhile, the crypto market has reacted positively to Trump's win with a significant bullish trend. According to data from CoinMarketCap, Bitcoin hit a new ATH of $76,943 on November 7.

The post Donald Trump's Team Reportedly Considers Robinhood Legal Head For SEC Chair Shortlist appeared first on Techreport.