In the event of a Trump victory, Dan Gallagher is likely to replace Gary Gensler as the US Securities and Exchange Commission (SEC) Chair.

Gallagher may have a tough road to potential confirmation, but crypto’s relationship with regulators is only looking rosier.

Trump’s Pledge to Replace Gensler

According to rumors from Politico, Robinhood’s Chief Legal Officer Dan Gallagher is likely to head the Securities and Exchange Commission (SEC) in the event Donald Trump wins the upcoming US election. Politico claimed this scoop came from a “dozen former top regulators, lobbyists, and securities lawyers,” all speaking anonymously.

The US Presidential Election will take place on November 5, and crypto will likely be an important issue. At the Bitcoin Conference in Nashville this July, Trump promised to remove Gary Gensler as SEC chair. This promise won raucous cheering from the crowd, seemingly taking him aback.

“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler,” Trump claimed, reacting to the crowd’s outsized approval.

Read More: Who Is Gary Gensler? Everything To Know About the SEC Chairman

A popular promise like this could electrify potential voters, and that’s a good reason for Trump to carry it out. Setting aside the legal question of whether or not Trump can unilaterally fire Gensler, there’s another obvious question. Who can replace him?

Gallagher’s Qualifications

Dan Gallagher, Chief Legal Officer at Robinhood, has already been identified as a strong contender. Before taking a job at Robinhood, Gallagher previously served as one of the SEC’s five commissioners, and a former SEC official called him “a natural choice.” Politically, he would align with a potential Trump administration.

Robinhood has also intensified its crypto strategy in the past year, making Gallagher an even stronger contender as a pro-crypto standard bearer. However, this may be politically awkward, as Robinhood has faced SEC lawsuits this year. Gallagher has already spoken out on this battle:

“It’s a dog of a case. We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position. Shooting at the good guys is a really bad policy,” claimed Gallagher.

Read More: How to Buy and Sell Crypto on Robinhood: A Step-by-Step Guide

As a result, Gallagher could face contentious confirmation hearings if he gets close to Gensler’s position. Ultimately, though, this won’t be his biggest obstacle. Before any of these things happen, Trump has to win a very contentious election.

In a moment where Trump’s Republican Party is casting itself as the pro-crypto option, Gallagher seems a real favorite. As the election approaches, however, both parties are tacking towards a crypto-friendly position. Regardless of the outcome in November, there’s a clear takeaway: the pressure is building everywhere for a new and positive direction in crypto policy.

Bitcoin price struggled to continue higher above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.

• Bitcoin is holding gains above the $62,500 zone.
• The price is trading above $62,500 and the 100 hourly Simple moving average.
• There was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase unless there is a close below the $61,650 zone.

Bitcoin Price Corrects Gains

Bitcoin price extended its increase above the $63,500 zone. BTC even cleared the $64,200 resistance zone. However, the bears were active below $64,500.

It traded as high as $64,419 and the price is now correcting gains. There was a move below the $64,000 and $63,500 levels. The price dipped below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.

Besides, there was a break below a connecting bullish trend line with support at $63,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple moving average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64,41 high.

On the upside, the price could face resistance near the $63,000 level. The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $64,000.

A close above the $64,000 resistance might initiate more gains. In the stated case, the price could rise and test the $64,400 resistance level. Any more gains might send the price toward the $65,500 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,500 level.

The first major support is near the $61,750 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $62,500, followed by $61,750.

Major Resistance Levels – $63,200, and $64,000.

Crypto investments recorded outflows reaching $147 million last week, interrupting a steady series of positive flows since September 9.

The change in sentiment comes on the back of signs of a booming US economy, diluting the previously concentrated expectation of significant rate cuts from the Federal Reserve (Fed).

Crypto Investment Inflows Series Interrupted

The latest CoinShares report shows digital asset investment outflows reached $147 million last week. Bitcoin was at the forefront of the negative flows, recording $159 million in outflows. Ethereum (ETH) also saw outflows of $28.9 million.

With the US leading by outflows on regional metrics, the research ascribes the change in sentiment to strong economic data in the country.

“Digital asset investment products saw minor outflows totaling $147 million last week. Higher than expected economic data last week, reducing the probabilities for significant rate cuts are the likely reason for the weaker sentiment amongst investors,” a paragraph in the report read.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

A key highlight in last week’s US economic data was the positive jobs report released on Friday. The US economy added 254,000 non-farm payroll jobs in September, nearly double the 142,000 reported in August. This figure surpassed economists’ predictions, who expected up to 140,000 jobs.

The unemployment rate also dropped to 4.1%, defying expectations of 4.2%, similar to August’s data. Strong job growth and rising wages signal a tightening labor market, which could exert further pressure on inflation.

These reports put US jobs data back in focus as the Federal Reserve considers its next interest rate decision. The Fed’s dual mandate includes maximum sustainable employment and price stability.

In response, the CME FedWatch Tool shows an 86.3% probability of a 50 basis point (0.5%) rate cut, compared to 13.7% for a 25 bps cut. After the last 50 bps cut, the market expects another significant policy adjustment to address economic pressures.

However, traders should monitor additional Fed signals and key economic data this week, including the Consumer Price Index (CPI), Producer Price Index (PPI), and initial jobless claims. If the data points to a strengthening economy, odds could shift towards a 25 bps rate cut in November.

Read more: How to Protect Yourself From Inflation Using Cryptocurrency.

While Bitcoin and Ethereum recorded negative outflows, multi-asset investment products (multi-coin) extended their streak to 16 consecutive weeks of inflows, totaling $29 million last week. This continued interest comes as macroeconomic data presents a mixed picture for cryptocurrencies.

Positive economic indicators, such as strong job growth and falling inflation, typically boost risk assets like Bitcoin. However, rising oil prices and geopolitical tensions in the Middle East are fueling renewed inflation concerns, adding uncertainty to the market. These dynamics help explain Bitcoin’s stall around the $63,000 mark, as investors shift toward multi-asset products.

“Since June, multi-asset products have been a favorite among investors who prefer to invest in a diversified basket of assets rather than individual ones,” the CoinShares report concluded.

BeInCrypto data shows Bitcoin trading at $62,988, reflecting a modest 1.38% gain since Monday’s session opened.