Trump Set to Implement Crypto Policies Following Election Victory
There was significant election uncertainty recently, which has now resolved.
Donald Trump is set to return to the White House in January, contributing to Bitcoin reaching a new record high.
Trump's recent pledges include removing SEC Chair Gary Gensler, supporting bitcoin mining in America, and stopping government bitcoin sales.
Congress shows increased support for crypto: 257 pro-crypto House candidates were elected compared to 115 anti-crypto candidates. In the Senate, crypto-friendly winners outnumber negative views, 16 to 12.
The Senate remains under Republican control, while the House was still contested as of midday Wednesday.
Ron Hammond from the Blockchain Association stated that Trump's ability to fulfill promises hinges on three factors: political importance, policy soundness, and personnel choices within the White House and agencies.
FalconX analysts noted that stablecoin legislation is “likely the lowest-hanging fruit” and highlighted the Financial Innovation and Technology for the 21st Century (FIT21) Act, which needs to clear the Senate after receiving bipartisan support in the House.
CoinShares research head James Butterfill identified the potential BITCOIN Act—which aims to establish a U.S. strategic bitcoin reserve—as a key focus.
Short-term actions Trump can take include addressing banking regulators' hostile approaches toward the crypto industry.
Speculation surrounds who Trump might appoint to replace Gensler as SEC chair, with expectations of a quick replacement in January or February. Potential candidates include existing SEC commissioners Hester Peirce or Mark Uyeda.
Another anticipated action is the formation of a crypto-focused advisory council, mentioned by Trump in July, aimed at providing regulatory guidance within the first 100 days of his administration.
Anthony Pompliano expressed skepticism about Trump fulfilling all campaign promises but emphasized that achieving some would be beneficial. Establishing a strategic bitcoin reserve could create significant positive effects.
Ashley Ebersole suggested that a presidential pro-crypto stance could simply involve maintaining a low profile while appointing crypto-friendly leaders across agencies.
Pompliano concluded that if Trump adopts a protective rather than abrasive approach towards bitcoin, it would be considered a success.