How the SEC under Trump can make the US a crypto haven

The 2024 US election campaign has become especially important for the crypto industry. Presidential candidates are forced to compete for the votes of members of the crypto community, as their influence has reached significant proportions. Donald Trump, once the leading critic of Bitcoin, promises to protect the rights of crypto investors if he wins, and his main rival Joe Biden is also seeking to improve relations with representatives of the digital asset market.

Following the recent debate between candidates for the 2024 US presidential nomination, rumors have surfaced online about who might take over as head of the SEC if Trump wins. The first candidate is Dan Gallagher, who, according to members of the crypto community, will replace the current head of the SEC, Gary Gensler, in this post. Gensler's policies have often been criticized by crypto investors for being overly restrictive.

Daniel (Dan) Gallagher is the head of legal at online broker Robinhood with extensive experience in regulatory affairs, financial markets, corporate law and governance. From November 2011 to October 2015, Gallagher served as SEC Commissioner, where he held a number of key positions, including Counsel to the Commissioner Paul Atkins and Chairman Christopher Cox. He also represented the Commission in the liquidation of Lehman Brothers.

Gallagher was educated at Georgetown University, where he received a bachelor's degree in English language and literature. He continued his studies at Catholic University of America Columbus School of Law, where he received his Juris Doctor degree.

There are several reasons to believe that Daniel Gallagher will take over as head of the SEC if Trump wins:

- SEC Experience: Gallagher has previously served with the Commission in various capacities and is intimately familiar with the SEC's internal processes and policies.

- GOP ties: Gallagher has experience working in Republican administrations aligned with Trump. Previously, he had already been proposed for the post of head of the SEC.

- General views on regulation: Like Trump, Gallagher advocates less stringent regulation of financial markets and support for innovation.

If Dan Gallagher is appointed as head of the SEC, we can expect the following changes in crypto regulation:

- Reduced regulatory pressure on crypto companies: The new commissioner could reduce the number of fines and support innovation in the cryptocurrency space.

- Approval of new spot cryptocurrency ETFs: It is likely that the SEC under Gallagher will be more accepting of new financial products based on cryptocurrencies.

- Focus on combating fraud: The focus will be on preventing fraud rather than making enemies of large crypto companies.

- Accelerating implementation of more lenient regulations: Support from Republicans and the Trump administration could help facilitate the introduction of more lenient regulations.

Despite the optimistic forecasts, some members of the crypto community express doubts. Crypto blogger Lark Davis recalled that before Gensler’s appointment, many expected him to support the development of the digital asset market, but in reality he became one of the main enemies of crypto investors. Therefore, it remains unclear whether Gallagher can truly change things for the better for the crypto industry.

The appointment of Dan Gallagher to head the SEC if Donald Trump wins the 2024 election could be an important event for the crypto industry. His experience, ties to the Republican Party and shared views with Trump on regulating financial markets give reasons for optimism. However, participants in the crypto community should remember that forecasts may not come true, and closely monitor further developments.