Crypto’s future under Trump: Execs push for SEC shake-up

The crypto market surged post-Trump win, pushing for pro-crypto policy reforms.
Bitcoin rallied by 30%, hitting $93,490, with future growth projections strong despite a brief pullback.

As a seasoned crypto investor with a decade of experience navigating market fluctuations and regulatory challenges, I can confidently say that the recent surge post-Trump’s win has brought a glimmer of hope for the industry. However, the journey under President Biden and SEC Chair Gensler has been a rollercoaster ride, marked by scrutiny and criticism from key players.

After Donald Trump’s election as the 47th U.S. President, there was a significant increase in the cryptocurrency market.

As the market picked up speed, the crypto sector actively pursued daring policy shifts to hasten the acceptance of digital assets. Major figures were vocal about the need for more favorable regulations to seamlessly incorporate cryptocurrencies within the worldwide monetary system.

The industry under Biden and Gensler

Under President Joe Biden’s leadership, the cryptocurrency sector has encountered numerous hurdles, particularly due to increased oversight by the United States Securities and Exchange Commission (SEC).

Several high-ranking officials have expressed apprehensions regarding Chairman Gary Gensler’s regulatory style, fearing it may negatively impact the Biden administration’s political image during the forthcoming elections.

In their latest hearing before the House Financial Services Committee, politicians publicly reprimanded Gensler. Rep. Pete Sessions suggested that the SEC was enforcing rules unfairly. Rep. Patrick McHenry labeled the agency as a lawless entity, while Rep. Tom Emmer claimed that Gensler was misusing the powers granted to the SEC for enforcement.

Given the hurdles encountered during President Biden’s tenure and Gensler’s leadership, the cryptocurrency sector is urging major shifts in policy.

How will Trump bring change?

Key figures within the industry are advocating for actions such as executive orders, which could enhance cryptocurrency companies’ ability to use traditional banking services. Additionally, they recommend placing pro-crypto individuals in important decision-making roles.

A key requirement is finding a new Securities and Exchange Commission (SEC) chair who understands the requirements of digital asset firms. This choice is aimed at fostering a more advantageous regulatory climate that encourages expansion and technological advancement.

Remarking on the same, Mike Belshe, CEO of BitGo, said,

We’ve experienced a period with a rather pessimistic leadership, but now we’re eager to break through the impasse. It seems quite clear from the American electorate’s response that they desire to witness this change.

Trump and others remain hopeful

Well, Trump has also promised to establish a crypto advisory council when he said,

I promise to put an end to any conflicts regarding cryptocurrency that President Biden may have initiated, and work towards ensuring that both the future of digital currencies, including Bitcoin, are developed right here in the United States.

Currently, Standard Chartered forecasts that the overall value of the cryptocurrency market might surge to a staggering $10 trillion by the year 2026. Such growth could potentially be driven if a Republican win leads to favorable crypto regulations.

After Donald Trump’s victory in the elections, the price of Bitcoin [BTC] increased by around 30% from the 5th of November onwards, sparking a wider cryptocurrency upswing.

The price reached almost $93,490 on November 13th, based on data from TradingView. By November 15th, the price had dipped slightly to approximately $88,100, according to CoinMarketCap’s latest update.

However, despite this momentary dip, the momentum continues to suggest strong growth ahead.

2024-11-15 20:08

The industry under Biden and Gensler

How will Trump bring change?

Trump and others remain hopeful

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