Let’s get to the point: we know that Trump is the candidate most likely to create a crypto-friendly regulatory climate.
And it’s clear from a lot of the reactions we’ve seen — either from bitcoin or crypto stocks like COIN — that investors are really banking on that environment over the next four years.
As I repeat, we do not have a policy plan from the President-elect Trump. Let’s say Trump’s biggest task in his first year of office will be to remove Gary Gensler from the SEC chair.
Trump’s successor is most likely to be a sham if he succeeds “more lenient toward the crypto industry, perhaps focusing more on bringing regulatory clarity than a constant slew of enforcement actions. After all, Trump has even launched his own crypto trading platform,” David Oliwenstein, a Pillsbury Partner, told me.
Yahoo Finance reported on Wednesday, that Empire host Jason Yanowitz said there “needs” There will be a new SEC leader. Gensler has yet to be replaced, though according to reports and rumours the name of Robinhood’s Dan Gallagher is floating in the Trump circle.
When I spoke to Oliwenstein — before Trump was officially announced as the winner — he also pointed out that one key role in the SEC is the director of enforcement for the enforcement division.
“The former director of enforcement at the SEC under Gensler, Gubir Grewal, left his position in October, but his replacement, Acting Director Sanjay Wadhwa, will likely be at least as aggressive in his enforcement actions against the crypto industry. If Sanjay receives a permanent appoint as director, the market should expect aggressive enforcement in general and specifically with respect to crypto assets,” Oliwenstein said. It is unlikely, however, that Wadhwa would receive this appointment under the Trump administration.
Looking outside of the SEC — and honestly, the Trump presidency — Election Night was a win for a Republican Senate as well, with new pro-crypto folks taking seats, partially due to the immense support of crypto super PACs like Fairshake.
“With the amount of influence and political capital that the crypto industry has garnered over the past 12 months, it is likely that a stablecoin bill and market structure bill will pass in the next two years regardless of which administration we are dealing with. In addition to stablecoin legislation and the market structure legislation, the most important issue is tax treatment for crypto,” Texas Blockchain Council’s president Lee Bratcher.
“A de minimis exemption is needed before the US can truly become a global crypto leader …This is a very pinnacle moment in the industry, as regulators have now become more open to working on digital asset policy and pushing the industry towards innovation.”
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