Donald vs Gary: The Fascination of the Crypto Community with Trump
The estimated $US135 million spent on the election by pro-crypto groups proved to be a wise investment, as 47 out of 56 supported candidates won their seats. Among them was Bernie Moreno, a crypto enthusiast backed by $US40 million in crypto funding, who defeated Sherrod Brown, a crypto skeptic and Senate banking committee chair.
Most excitement in the sector revolves around the potential removal of SEC chairman Gary Gensler, who is in Trump’s crosshairs.
SEC chairman Gary Gensler is in Trump’s sights.Credit: Bloomberg
With Congress failing to provide a legislative framework for crypto regulation, the SEC under Gensler has taken charge, prosecuting companies for non-registration and launching actions for fraud and other violations. Trump’s pledge to support pro-crypto policies hints at a more industry-friendly approach.
Trump and his team are actively considering candidates to lead key financial agencies, including the SEC. The transition process is led by Howard Lutnick, CEO of Cantor Fitzgerald, which manages assets backing the Tether stablecoin.
The anticipated shift in regulatory approach with a Republican-led government is expected to favor the crypto sector. Efforts to clarify regulation and shift oversight to the Commodity Futures Trading Commission signal a more deregulatory stance.
While Trump’s plan for a digital currency reserve raises questions, the overall environment is poised for change with potential improvements in access to banking services for crypto companies. A Federal Reserve-issued cryptocurrency seems less likely under these circumstances.
Gensler’s crackdown on the sector contrasts with Trump’s push for American-made crypto assets. The sector is hopeful for a more favorable regulatory landscape and rallying in anticipation.
Whether the current excitement will continue is uncertain, as crypto assets are volatile and dependent on market conditions. Trump’s economic policies could impact the sector’s trajectory, potentially causing the crypto bubble to burst.
Loading
Source link
#Donald #Gary #crypto #world #excited #Trump
