As the Trump administration prepares for its second term, significant changes to U.S. financial oversight are on the table, with key figures from the cryptocurrency industry being considered for top regulatory positions.

This potential shift reflects a broader effort to reshape U.S. financial policies, as officials look to replace current leadership in financial agencies with individuals more aligned with industry-friendly, deregulation-focused approaches.

According to a Reuters report, Dan Gallagher, Robinhood’s chief legal officer, is emerging as one of the top candidates for the role of Securities and Exchange Commission (SEC) chair. As a former SEC commissioner, Gallagher is considered a strong candidate, owing to his established ties to the cryptocurrency industry and his reputation as a business-friendly regulator.

His potential appointment is particularly welcomed by cryptocurrency advocates who have criticized current SEC Chair Gary Gensler’s tough stance on digital assets.

Other names under consideration for the SEC role include Paul Atkins, a former SEC commissioner, and Robert Stebbins, who served as SEC general counsel during Trump’s first term.

In addition to the SEC, the Trump team is also eyeing key banking regulatory positions. The administration is expected to roll back certain financial regulations, including the Basel capital rules, which require banks to hold more capital to absorb potential losses.

Michelle Bowman, a Fed governor and former community banker, has been critical of these capital hikes and is a leading contender for a major regulatory role. Travis Hill, the Republican vice chairman of the FDIC, is also under consideration for a top banking position.

As the Trump administration moves forward with these potential appointments, industry leaders are closely watching for a shift in financial regulations that could benefit the cryptocurrency and banking sectors, both seeking less oversight and more growth opportunities.