As a seasoned analyst with over two decades of experience in the financial industry, I can confidently say that the recent developments surrounding Bitcoin and cryptocurrency regulation are more than just a blip on the radar. The reported conversation between Donald Trump and Brian Armstrong, along with rumors of Brad Garlinghouse’s potential access to the President-elect, suggest a shift in the regulatory landscape that could be game-changing for the crypto market.
On Monday, it was announced that the CEO of U.S.-based cryptocurrency exchange Coinbase, Brian Armstrong, was set to hold a private meeting with President-elect Donald Trump. This interaction could potentially shape the future of cryptocurrency regulations within the United States.
Coinbase CEO Discusses Crypto Landscape With Trump
On Tuesday, Fortune clarified that the conversation happened over a phone call, contrary to the initial report suggesting a private meeting. During this call, Armstrong, who has invested close to $50 million in backing pro-crypto politicians such as Trump, discussed broader aspects of cryptocurrency instead of particular appointments.
Additionally, it’s been rumored, without confirmation, on social platforms that Brad Garlinghouse, the CEO of Ripple Labs, may have had contact with former U.S. President Trump. However, Ripple’s representative clarifies that they don’t disclose details about private discussions.
Based on information from individuals privy to the Trump-Armstrong conversation, it appears that the cryptocurrency sector is mainly paying attention to prospective appointments for top positions at two significant financial regulatory bodies: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Key Appointments At SEC And CFTC
The source, recognized as a significant player in Washington D.C., stated that it’s the SEC (Securities and Exchange Commission) where most of the actions are taking place, given the multiple lawsuits initiated by its chairman, Gary Gensler.
As Gensler steps down at year’s end, it’s unclear if the agency will swiftly close cases unrelated to fraud, given the possibility of a temporary chair who may be less likely to initiate such actions.
If there are changes in the legislation that shift some of the Securities and Exchange Commission’s (SEC) regulatory responsibilities to the Commodity Futures Trading Commission (CFTC), it could potentially take on a broader supervisory role regarding digital assets.
As reported by Fortune, two possible contenders for the head of the Commodity Futures Trading Commission (CFTC) could be Summer Mersinger, who is currently a commissioner, and Josh Sterling, an attorney at Milbank with extensive experience in representing cases within the relevant industry.
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2024-11-20 00:56