On January 20th, President-elect Trump assumes office, sparking anticipation among leaders in the cryptocurrency sector, who are hopeful for supportive crypto policies.
Nevertheless, whether these policies continue beyond his term could hinge on the political equilibrium in Washington D.C., as per insights shared by various sources.
According to Adam O’Brien, the founder and CEO of Bitcoin Well – a financial company specializing in Bitcoin, if Vice President JD Vance were to take over from President Trump in 2029, pro-cryptocurrency policies could continue. This statement was made during an interview with CryptoMoon.
“If we see Vance on the ballot next, then I think every policy that Trump implements is going to have staying power because Vance will probably have a hand in almost all of those decisions and agree with most of them.”
In simple terms, the CEO hinted that should the Democrats win both Congress and the presidency in the upcoming elections, there could be potential challenges to President Trump’s supportive stance on cryptocurrencies.
Executive orders can be more easily reversed by subsequent administrations compared to laws passed through Congress.
Legislative gridlock and the US midterm elections
As a crypto investor, I’ve taken note of Joe Doll, the legal chief at NFT marketplace Magic Eden, who shared with CryptoMoon that the current U.S. administration may have approximately two years to implement supportive policies for digital currencies.
The lawyer mentioned that for now, Republicans hold a slim advantage in the House of Representatives, but it’s highly likely that this will shift to Democratic control by the 2026 midterm elections.
Previously, the former Speaker of the House, Paul Ryan, appeared at the North American Blockchain Summit held in Texas on November 20th, advocating for a cooperative approach between political parties regarding cryptocurrency regulations.
The ex-congressperson stated that enacting cryptocurrency policy changes would necessitate obtaining at least 60 votes, and also pointed out to the crowd that Republicans hold a narrow lead in the House of Representatives, with just a four-seat advantage.
Ryan additionally advised President-elect Trump against reducing the existing slim Republican majority even more, by selecting House members for his cabinet positions.
In the United States, members of the House of Representatives are obligated to vacate their posts in Congress if they take on roles within the executive branch. These positions must then be filled in accordance with the rules set by the respective states.
On the other hand, Lee Bratcher, head of the Texas Blockchain Council, contends that politicians might be less inclined to challenge the cryptocurrency sector post-2024 elections, mainly due to lobbying efforts from industry supporters.
In simpler terms, “The recent election period was extensive and intense, making it rather unwise for members of Congress to take a public stance against cryptocurrencies.” (Bratcher speaking to CryptoMoon)
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2025-01-19 17:08