The crypto industry is pushing for a significant overhaul of policies that would promote widespread adoption of digital assets under President-elect Donald Trump’s administration.
Trump’s victory has given the industry a strong mandate to deliver on his promises, which include creating a crypto advisory council and executive orders on crypto firms’ access to banking services. Industry executives say they are optimistic about the prospect of a more favorable regulatory environment.
Bitcoin soared above $90,000 on Wednesday, with some analysts predicting it could hit $100,000. The industry is also seeking pro-crypto nominees at financial regulatory agencies, legislation to create a regulatory framework for digital assets, and faster “no-action” letters from the Securities and Exchange Commission (SEC).
Crypto companies spent over $119 million backing pro-crypto congressional candidates in the 2022 election, many of whom won their races. Industry leaders expect a more favorable Congress under Trump’s leadership.
The industry is now pushing for measures including potential executive orders on crypto firms’ access to banking services and crypto-friendly picks in a range of roles, as well as a new SEC chair who could create a waiver regime for crypto companies.
Trump has pledged to establish a strategic U.S. bitcoin reserve, one of his more ambitious pledges executives say they now see as a real possibility. The industry also expects Trump’s bank regulators to take a softer stance on crypto.
Industry leaders are brainstorming who would be suitable for leadership positions to drive policy and preparing a fresh push for crypto-friendly laws. With Republicans expected to take the House, they could expedite spending bills with a simple majority vote, paving the way for potentially sweeping legislation.
Source: https://www.reuters.com/sustainability/boards-policy-regulation/crypto-industry-pushes-policy-sea-change-after-trump-victory-2024-11-14