Since the election of Donald Trump as the 47th President of the United States, there has been a notable surge in the digital currency market.
With the market gaining traction, the crypto sector has been advocating for substantial policy reforms to expedite the adoption of digital assets. Key figures have been calling for improved regulations to incorporate cryptocurrencies into the global financial framework.
The Landscape Post Biden and Gensler
Under President Joe Biden’s leadership, the crypto industry has grappled with significant obstacles, particularly facing increased scrutiny from the U.S. Securities and Exchange Commission (SEC).
Several executives have expressed apprehension regarding SEC Chair Gary Gensler’s regulatory stance. They have raised concerns that his decisions could potentially undermine the Biden administration’s political stance in the lead-up to the upcoming elections.
During a recent hearing before the House Financial Services Committee, lawmakers openly criticized Gensler. Rep. Pete Sessions accused the SEC of “discriminatory enforcement.” Rep. Patrick McHenry labeled the agency as a “wayward” organization, while Rep. Tom Emmer accused Gensler of “misusing” the SEC’s enforcement authority.
In response to the hurdles faced under President Biden and Gensler, the crypto industry is pressing for substantial policy revisions.
Anticipated Changes with Trump
Industry leaders are urging for actions like executive directives to enhance crypto firms’ access to banking services. They are also advocating for the appointment of crypto-friendly individuals to key positions.
A primary demand is the selection of a new SEC chair who aligns with the requirements of digital asset firms. This is aimed at fostering a more favorable regulatory landscape conducive to expansion and innovation.
Commenting on this, Mike Belshe, the CEO of BitGo, stated,
“We have witnessed an administration that has been largely pessimistic, and thus, we are optimistic about overcoming this standstill. The American voters have unequivocally expressed their desire for change.”
Hopeful Outlook from Trump and Allies
In a similar vein, Trump has pledged to establish a crypto advisory council by stating,
“I will put an end to Joe Biden’s hostility towards crypto, and we will ensure that the future of cryptocurrencies, including Bitcoin, is shaped within America.”
Recently, Standard Chartered predicted that the overall cryptocurrency market capitalization could reach $10 trillion by 2026. This optimistic projection could be driven by the introduction of pro-crypto policies under a Republican leadership.
Following Trump’s electoral triumph, Bitcoin [BTC] saw a surge of approximately 30% since November 5, catalyzing a broader upswing in the crypto sphere.
Its value hit a peak of nearly $93,490 on November 13, according to TradingView. By November 15, it had slightly receded to around $88,100, as reported by CoinMarketCap at the time of writing.
Nevertheless, despite this temporary decline, the prevailing momentum suggests a promising growth trajectory ahead.