Trump's SEC Chair Candidate Dan Gallagher Could Transform Crypto Regulation if Elected

If Donald Trump wins the upcoming election, Dan Gallagher is likely to become the new Chair of the US Securities and Exchange Commission (SEC). He may face some challenges during confirmation, but the relationship between cryptocurrency and regulators looks promising.

According to Politico, Gallagher, the Chief Legal Officer at Robinhood, is a strong candidate for the SEC position. This information comes from a group of former top regulators and lobbyists who spoke anonymously.

The presidential election is set for November 5, and cryptocurrency is expected to be a hot topic. At the Bitcoin Conference in Nashville this past July, Trump promised to fire Gary Gensler, the current SEC chair. His promise thrilled the crowd.

“I didn’t know he was that unpopular! Let me say it again: on day one, I will fire Gary Gensler,” Trump said, reacting to the applause.

This kind of promise can energize voters. It’s a smart move for Trump. However, there are questions about whether he can actually fire Gensler and who would take his place.

Dan Gallagher stands out as a top choice. Before joining Robinhood, he served as one of the five commissioners at the SEC. A former SEC official called him “a natural choice.” His political views would align well with a Trump administration.

Recently, Robinhood has ramped up its focus on cryptocurrency, making Gallagher an even stronger candidate as a pro-crypto advocate. But this could be tricky since Robinhood has faced lawsuits from the SEC this year. Gallagher has spoken out against these legal issues, saying, “It’s a dog of a case. We’ve been forgoing revenue by not listing more coins, and that puts us in a unique position. Shooting at the good guys is bad policy.”

If nominated, Gallagher might encounter tough confirmation hearings. But the biggest hurdle is that Trump needs to win a competitive election.

As Trump’s Republican Party positions itself as the pro-crypto option, Gallagher seems like a favorite. However, with both parties moving toward a more crypto-friendly stance, there’s growing pressure for a positive shift in cryptocurrency policy, no matter the election outcome.