As a seasoned crypto investor with a decade-long journey under my belt, I must admit that the 2024 United States presidential election has brought a breath of fresh air into the digital assets industry. Having weathered numerous regulatory storms and market volatility, I can confidently say that the prospect of a more favorable regulatory approach is nothing short of exhilarating.
The upcoming 2024 U.S. presidential election is expected to significantly alter perspectives on cryptocurrency policies, given that Donald Trump is planning to resume his presidency for a second term.
After Donald Trump’s election win and the Republican Party gaining control of the Senate, along with a potential majority in the House of Representatives, supporters of cryptocurrencies, such as Coinbase CEO Brian Armstrong, are hopeful that these developments could bring positive changes for the digital asset sector.
As a result of the election’s conclusion, the value of Bitcoin (BTC) skyrocketed beyond $75,000 on November 6 due to optimism about possible regulatory transparency, potential legislative advantages, and predictions for shifts within the Securities and Exchange Commission.
Given that the Republican Party currently controls the Senate and President Trump has shown support for cryptocurrencies, it’s possible that the U.S. could adopt a more welcoming regulatory stance towards crypto, particularly if Trump fulfills his pledge to appoint a new chair to replace Gary Gensler at the SEC.
Pro-crypto shift
In various locations, numerous crucial contests signal a growing pro-cryptocurrency sentiment. For example, in Ohio, Republican candidate Bernie Moreno defeated incumbent Senator Sherrod Brown, who has been critical of cryptocurrencies.
Moreno’s triumph underscores a changing perspective on cryptocurrency policy, as Armstrong’s post on November 6 implied: “Bernie Moreno’s win was largely due to his support for crypto, which helped him overcome Sherrod Brown.
As a crypto investor, I’m thrilled to be part of this dynamic community, knowing that we now have more allies in Congress than ever before. The recent elections saw over 250 candidates who support cryptocurrency getting elected, a fact hailed by the CEO of Coinbase as “the most pro-crypto Congress ever.” This development could pave the way for more favorable policies and regulations for our industry.
Regulatory clarity
In simpler terms, after the election, Armstrong commented on the impact on the industry, stating that the public’s desire for economic liberty shows dissatisfaction with excessive regulations.
The CEO of Coinbase stated that America will choose a course leading to economic empowerment, drawing upon our inherent strength, characterized by minimal government intervention, adherence to the law, merit-based system, financial responsibility, and upholding the principles of a free market rather than government control.
In his role as the head of a major cryptocurrency exchange, Armstrong’s opinions also underscore some advantages that centralized exchanges might enjoy, such as less stringent regulatory scrutiny and enhanced operational freedom.
Push for SEC shakeup
On November 6th, Paul Grewal, the top legal executive at Coinbase, echoed Armstrong’s viewpoint by urging the Securities and Exchange Commission (SEC) to cease lawsuits against cryptocurrencies and instead start creating rules immediately.
Trump’s vow to concentrate on bringing the nation together and halt what he referred to as the Biden-Harris government’s “crusade against cryptocurrencies” included a commitment to dismiss Gensler on his first day in office.
Under the leadership of Gensler, who was appointed by President Joe Biden, these individuals and organizations – such as Coinbase, the developers of MetaMask wallet, Consensys, and the decentralized exchange Uniswap – have faced SEC enforcement actions.
If Trump follows through with his plan to dismiss Gensler immediately, the term of office for the SEC chairman could potentially be cut short, ending sooner than its scheduled expiration in April 2025.
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2024-11-07 20:34