The results of the U.S. presidential election will be announced in November. The world is paying close attention to whether Trump, the Republican, will return to the White House, or Vice President Harris Harris will retain power on behalf of the Democratic Party.
For the crypto, the community is also very concerned about whether the new president can propose a more friendly encryption regulatory framework and policies, and replace Gary Gensler, chairman of the Securities Regulatory Commission (SEC), who has been tough on the encryption industry in recent years, and hopes that he can Let a new chairman who is friendly to Cryoto take over and lead global regulation in a direction that is clearer and supportive of innovation, thus promoting the mass adoption of cryptocurrencies.
If Trump is elected, the SEC may have a new crypto-friendly chairman
Politico reported yesterday (7th) that according to more than a dozen former senior regulator officials, lobbyists and securities lawyers, if Trump, who has publicly expressed his support for Bitcoin, mining and the cryptocurrency industry many times before the election, wins the presidential election, Dan Gallagher, the legal director of Robinhood, a well-known American online brokerage and cryptocurrency trading platform, will become the main candidate for SEC chairman.
Gallagher was an SEC commissioner from 2011 to 2015 and had previously held various positions in the SEC. He was known for his affability and political skills. For some Republicans, bringing Gallagher to the chair has long been a matter of when, not if.
Gallagher himself responded: "It would be an honor to have my name included in any discussion about who might become the next SEC chairman."
Gallagher also has great doubts about the direction of SEC regulation of cryptocurrency. He said that if he had served as SEC chairman in the past few years, there would have been rules tailored for digital assets, as well as regulations for cryptocurrency exchanges and brokers. Providing a basic registration system is the path forward that the crypto industry has long sought. He also emphasized the need for legislation on digital assets and took a "different approach" from Gensler, stating:
I have known Gary for a long time and have great respect for him, but, on this point, I disagree with him.
Other candidates to replace Gensler: Crypto Dad, Crypto Mom
There are three other SEC chairman nominees circulating on K Street (the center of many think tanks, lobbying groups, and advocacy groups in the United States), including two well-known crypto-friends.
Former Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo
He was officially appointed as CFTC Chairman in 2017 during Trump's term. He was nicknamed "Crypto Daddy" by the community. He has long been committed to the development of American cryptocurrency. He first established the Digital Dollar Foundation as early as January 2010, with the goal of Advocates the creation of a "portable" digital dollar that can be sent like a "file". The Digital Dollar Project was established in January 2020 to help the US government advocate the issuance of central bank digital currency (CBDC). In 2021, he announced that he would serve as a board member of the crypto lending platform BlockFi (which filed for bankruptcy due to the FTX thunderstorm in 2022).
Former SEC General Counsel Robert Stebbins
During Trump’s term, he served as the SEC’s general counsel from 2017 to 2020, and is currently a partner at the law firm Willkie Farr & Gallagher.
Current Republican SEC Commissioner Hester Peirce
Known as the "Crypto Mom" in the crypto, she has always been the most friendly regulator to cryptocurrency. She holds a liberal stance on cryptocurrency regulation and is committed to promoting a clearer and more reasonable cryptocurrency regulatory framework.
Genler, the current SEC chairman, publicly questioned the approach of current SEC Chairman Genler at a House of Representatives hearing last month, criticizing the SEC for adopting legally inaccurate views when regulating cryptocurrencies and covering up unclear issues in its own regulation.
Previously, Peirce said that if she was lucky enough to become SEC chairman, "she would ensure the vitality of the industry, allow investors to make their own decisions, and ensure that the SEC does not set unnecessary obstacles in the formulation of rules."
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