As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the ebb and flow of regulatory regimes that have shaped our industry. The potential shift in U.S. government’s approach to crypto under President-elect Donald Trump is not only intriguing but also reminiscent of the deregulatory climate that defined the late 1990s and early 2000s.
The incoming President, Donald Trump, is preparing to transform the U.S. government’s stance on cryptocurrency, as he actively searches for candidates who hold favorable views towards the industry for crucial regulatory roles.
Per The Washington Post, Trump’s transition team is discussing ways to shape U.S. policy regarding cryptocurrencies, aiming to make the United States a leading force in the crypto industry. This is part of his plan to establish the country as the global leader in this field.
SEC Overhaul On The Horizon
Trump’s dedication to less strict regulations aligns with the pledges he made during his campaign, which have received substantial backing from industries. This is evident in the recent surge of prices after Trump defeated Vice President Kamala Harris on Tuesday.
Initially, it appears that Trump’s advisors have been having important conversations, particularly about potential appointments to key financial regulatory bodies such as the Securities and Exchange Commission (SEC). These decisions could have a substantial impact on the direction of digital asset regulation in the future.
The candidates under consideration include a mix of current regulators, former officials, and financial industry executives known for their pro-crypto stance.
Distinguished individuals in this context are Daniel Gallagher, previously an SEC official who has transitioned to work at the American cryptocurrency platform Robinhood, and commissioners Hester Peirce and Mark Uyeda, who have expressed support for digital currencies.
These people have openly expressed their dissatisfaction towards the SEC’s policies and its chair Gary Gensler during President Joe Biden’s tenure, focusing mainly on the agency’s aggressive approach towards digital asset companies. They’ve pointed out ongoing investigations and lawsuits against significant figures in this sector over the past years.
Trump’s Crypto Advisory Team
Leading business figures, such as Brad Garlinghouse (CEO of Ripple), anticipate that the incoming Trump administration will prioritize clear regulations, which are currently missing due to the complex and scattered legal landscape surrounding cryptocurrencies.
The digital asset industry has consistently advocated for all-encompassing legislation to clearly outline the nature of cryptocurrencies like XRP, Litecoin, and Solana. This would help set investor safeguards, pave the way for introducing new investment options such as Bitcoin and Ethereum spot exchange-traded funds (ETFs), which received approval earlier this year.
High-profile industry leaders such as Elon Musk and Howard Lutnick have also joined forces with Trump, playing key roles in determining the government’s stance on cryptocurrencies.
Nevertheless, as the CEO and chairman of asset manager Cantor Fitzgerald, Lutnick has voiced apprehensions regarding possible conflicts of interest due to his associations with stablecoin issuer Tether and other cryptocurrency-related businesses.
During Trump’s ongoing transition process, The Washington Post reveals that his team is contemplating the creation of a Presidential Advisory Board focusing on digital currencies and is also thinking about designating a specialized cryptocurrency advisor within the National Economic Council.
Even though some Democrats are hopeful, there are still worries within their ranks regarding the possible effects of President Trump’s pro-cryptocurrency initiatives.
Critics contend that the regulatory modifications proposed by the industry might weaken safeguards for consumers, potentially leading to increased chances of investment fraud and market manipulation.
As the newly elected 47th president seeks to execute a broad policy platform that could even involve establishing a national Bitcoin reserve, the success of these proposals hinges on the regulatory framework in place.
Given the recent electoral success of the Republican Party, securing passage of these key indicators might prove more straightforward for President Trump and associated sectors.
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2024-11-13 08:12