Following the election of Donald Trump as the 47th President of the United States, there has been a notable surge in the cryptocurrency market.
With the market gaining momentum, the digital asset industry has been advocating for substantial policy reforms to expedite the adoption of cryptocurrencies. Key figures in the sector are pushing for improved regulations to facilitate the integration of cryptocurrencies into the global financial framework.
The Current Landscape with Biden and Gensler
Under President Joe Biden’s administration, the cryptocurrency industry has encountered significant hurdles, particularly with increased scrutiny from the U.S. Securities and Exchange Commission (SEC).
Several executives have expressed apprehension regarding the regulatory stance of SEC Chair Gary Gensler. They have cautioned that his actions might negatively impact the political reputation of the Biden administration leading up to the forthcoming elections.
During a recent hearing before the House Financial Services Committee, legislators openly criticized Gensler. Rep. Pete Sessions accused the SEC of “discriminatory enforcement,” while Rep. Patrick McHenry labeled the agency as a “maverick” entity, and Rep. Tom Emmer accused Gensler of “misusing” the SEC’s enforcement authority.
Faced with the challenges posed by Biden and Gensler, the cryptocurrency industry is advocating for substantial policy adjustments.
Envisioning Change with Trump
Industry leaders are clamoring for initiatives such as executive directives to enhance cryptocurrency firms’ access to banking services. They are also advocating for the appointment of crypto-friendly individuals to key positions.
A key demand is the selection of a new SEC chair who aligns with the requirements of digital asset companies. This move aims to establish a more conducive regulatory landscape for expansion and creativity.
Reflecting on these developments, Mike Belshe, CEO of BitGo, mentioned,
“We’ve seen an administration that has been predominantly unfavorable, and thus, we are hopeful for the elimination of those obstacles. The American public has unequivocally shown their desire for this change.”
Optimism from Trump and Associates
President Trump has also pledged to institute a crypto advisory council when he stated,
“I will halt Joe Biden’s anti-cryptocurrency campaign and ensure that the evolution of digital currencies and Bitcoin is nurtured within America.”
Recently, Standard Chartered projected that the cumulative cryptocurrency market capitalization could reach $10 trillion by 2026. A triumph for the Republicans could propel this scenario with the implementation of cryptocurrency-friendly policies.
Since Trump’s victory, Bitcoin [BTC] has surged by approximately 30% since the 5th of November, leading a broader crypto upsurge.
It soared to nearly $93,490 on the 13th of November, according to TradingView. However, by the 15th of November, it had slightly receded to around $88,100, as per CoinMarketCap at the time of publication.
Despite this minor decline, the prevailing momentum indicates robust growth prospects ahead.