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Names are beginning to circulate for Gary Gensler’s replacement at the SEC. Rumors suggest that if Donald Trump wins the next election, Dan Gallagher, currently at Robinhood and a former SEC commissioner, might take the helm. This change could usher in a softer regulatory stance.

Is this all talk or is there some truth? Read on.

Gallagher’s Potential Move to SEC Chair

A recent report suggests that Robinhood’s Chief Legal Officer (CLO), Dan Gallagher, might replace Gary Gensler as SEC Chair. This speculation stems from Trump’s increasing support for the cryptocurrency industry. Even though the news is a rumor, chances are high that the US might turn towards pro-crypto governance to stabilize economic tensions.

Donal Trump and Crypto

Donald Trump has been increasingly vocal about cryptocurrency. From accepting donations to advocating for regulatory changes, he has actively sought to win over crypto supporters. Criticizing Biden’s stringent regulations, Trump has pushed for the U.S. to lead in digital asset innovation. His evolving stance from skepticism to support for the crypto sector has sparked discussions about potential changes in SEC leadership.

In a recent CNBC interview, Gallagher expressed his enthusiasm for the SEC Chair role and his commitment to market access and innovation. He remarked,

“I’ve had the privilege to serve in various roles at the SEC, including as a commissioner.”

Other Potential Candidates

Besides Gallagher, other notable names considered for the SEC Chair position include former CFTC chairs J. Christopher Giancarlo and Heath Tarbert, as well as Paul Atkins. These candidates reflect the increasing influence of the crypto industry in Washington.

The Implications of a Pro-Crypto SEC Chair

Eleanor Terrett of FOX News noted that if Trump wins, Gensler might step down, as SEC leadership typically changes with the administration. Nate Geraci of ETFStore highlighted Gallagher’s SEC experience, which makes him a strong candidate for the role under a Trump presidency.

Gallagher or another pro-crypto figure leading the SEC would align with Trump’s vision for mass adoption of cryptocurrency. This potential change could create a more favorable regulatory environment for the crypto industry and possibly boost the crypto market.

Robinhood’s Crypto Controversy

Earlier this year, the SEC issued a Wells Notice to Robinhood’s crypto arm, alleging violations of securities laws. Robinhood argues that its crypto offerings are not securities, sparking controversy and criticism from both the crypto and financial communities. Despite this, Robinhood’s annual crypto trading revenue is expected to increase to $80 million. Additionally, Robinhood recently acquired Bitstamp, a major bitcoin exchange, for $200 million, marking its significant presence in the global crypto market.

Could these developments trigger a bull market?

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