The cryptocurrency community is celebrating Donald Trump’s inauguration as a major turning point for the industry. After four years of regulatory “harassment” under the Biden administration, crypto enthusiasts believe that a seismic shift in tone and approach has begun.
Former President Joe Biden’s administration had imposed strict regulations on the industry, including laws making it difficult for traditional institutions to hold cryptocurrency. This led many startups to move offshore or never launch in the US in the first place.
Under Trump’s administration, crypto-friendly officials such as David Sacks have been appointed, and there is a promise of executive orders aimed at legitimizing the industry. One notable change is the potential end to “debanking,” which forced banks to refuse service to clients due to their cryptocurrency connections.
Industry experts predict that this shift will lead to a renaissance for crypto startups, with many already showing signs of returning or expanding into the US market after four years of absence. Founder Dennis Dinkelmeyer of European-based investment firm Midas said he is considering launching in the US this year, citing “excitement” and “a comeback.”
The Trump administration’s approach to regulating cryptocurrency is seen as a significant departure from Biden’s efforts. While some experts have raised concerns about the potential for a “privatized sanctions regime,” many believe that this will lead to a crypto golden age.
The first Crypto Ball event, hosted by Sacks, has already kicked off celebrations ahead of Trump’s inauguration on January 20. The black-tie event includes sponsors such as major cryptocurrency exchanges and investment firms.
Source: https://nypost.com/2025/01/16/business/new-trump-ends-crypto-communitys-government-harassment