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With Donald Trump’s recent election win, significant changes are expected within U.S. regulatory agencies, particularly in antitrust and financial regulation. Trump’s administration is likely to push for more business-friendly leadership at agencies such as the Federal Trade Commission (FTC) and the Securities and Exchange Commission (SEC).

Federal Trade Commission Chair Lina Khan, a staunch advocate for stricter antitrust enforcement, may soon be ousted—a shift that could provide a green light for tech giants and large corporations to pursue mergers and acquisitions without as many regulatory hurdles. Similarly, the SEC’s Chair Gary Gensler, known for his cautious stance on cryptocurrency, is also expected to be replaced. Trump’s administration may lean toward crypto-friendly policies, which could encourage further growth in the digital currency space, a marked departure from Gensler’s more stringent approach.

Trump’s prior administration was more lenient on mergers, often using consent orders and divestitures to address competitive concerns, a practice the Biden administration moved away from. This rollback could mean fewer enforcement actions, providing relief to corporations seeking consolidation and investment opportunities. Nevertheless, Trump’s antitrust stance isn’t entirely predictable. In his last term, his administration filed lawsuits against Google and Facebook for anti-competitive behavior—cases that became foundational for the DOJ’s current stance on tech monopolies. However, some analysts believe Trump’s new appointees may prioritize traditional business interests over the more aggressive stance the FTC and DOJ took under Biden.

This regulatory shift may also impact environmental, social, and governance (ESG) initiatives, which are increasingly linked to antitrust enforcement. Some speculate that under Trump, scrutiny on ESG could increase, especially with regard to antitrust investigations around perceived ESG-related “collusion” among corporations. With a Republican-led agenda, congressional and executive actions may push back on ESG as a factor in antitrust enforcement.

For businesses, the expected changes mean that the regulatory landscape will likely be more permissive, but complex enforcement histories show that major tech and financial companies should still anticipate some level of scrutiny, especially in politically sensitive sectors like tech and finance.