As a seasoned crypto investor with over two decades of experience navigating financial markets, I can confidently say that Trump’s presidency and the Republican majority in the Senate could bring significant opportunities for the cryptocurrency industry.
During Donald Trump’s presidency, there might be a shift towards more advantageous cryptocurrency policies within the global economic powerhouse.
Cryptocurrency enthusiasts celebrated when Donald Trump was elected U.S. President on November 6th, as they anticipated a period of potentially friendlier crypto legislation lasting for the next eight years up to 2028, due to Republican rule.
According to Steve Milton, CEO of a decentralized finance (DeFi) app called Fintopio, the Republican win could potentially bring about changes in the United States Securities and Exchange Commission (SEC).
Milton told CryptoMoon:
“You may see with a Trump presidential campaign a less resistant SEC, which may drive a different regulatory environment in the US and therefore in other banking areas.”
A revamped Securities and Exchange Commission (SEC) might consider replacing its current Chairman, Gary Gensler, with a candidate favorable towards cryptocurrencies, like the chief legal officer of Robinhood, Dan Gallagher.
In simpler terms, as per Milton’s explanation, a Trump-led administration might lessen the regulatory control over the cryptocurrency sector and its investors.
“[Trump] has been very vocal about the need to roll back US government intervention in people’s lives. He has been pro-crypto…”
Trump’s victory and Republican Senate majority are a “historic achievement” for US crypto regulations
Trump’s win, coupled with the GOP gaining majority control in the U.S. Senate, is considered a “significant milestone” by Anastasija Plotnikova, CEO and co-founder of Fideum, for regulation of cryptocurrencies in the United States. Fideum is a company that specializes in regulatory and blockchain infrastructure for institutions.
Plotnikova told CryptoMoon:
“It paves the way for harmonized crypto regulations that will drive innovation, boost competition and incentivize talent to return. The US crypto industry worked for years to make this happen, and I eagerly await seeing the deliverables implemented.”
More US crypto-based ETFs during the next four years?
There’s optimism among many that Trump’s victory could pave the way for an increase in cryptocurrency-backed exchange-traded funds (ETFs).
Significantly, this development might result in the launch of the initial Ether (ETH) exchange-traded fund (ETF), as suggested by Edward Wilson, a researcher at Nansen.
The analyst told CryptoMoon:
“As the regulatory environment will likely be pro-crypto, we may even see a staked ETH ETF approved early in this new administration, which will fully leverage the benefits of ETH as an asset. If this occurs, then ETH will become an exciting asset to watch. Put differently, ETH is cool again.”
On the contrary, prominent figures in the crypto world, such as Charles d’Haussy, CEO of the dYdX Foundation, anticipate that Europe could be the first to launch an Ether staking ETF, marking a major step forward for the international crypto sector, potentially surpassing the US.
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2024-11-08 17:39