Key Points
- The cryptocurrency market experienced a surge following Donald Trump’s presidential victory, with Bitcoin rallying by 30%.
- Industry leaders are advocating for pro-crypto policy reforms and better regulations to promote digital asset adoption.
The victory of Donald Trump as the 47th President of the United States triggered a surge in the cryptocurrency market.
This surge came amidst calls from key players in the crypto industry for bold policy changes to hasten the adoption of digital assets and better regulations to incorporate cryptocurrencies into the global financial system.
The Crypto Industry Under Biden and Gensler
The crypto industry has encountered considerable challenges under President Joe Biden’s administration, particularly due to increased scrutiny from the U.S. Securities and Exchange Commission (SEC).
Executives have expressed apprehension about SEC Chair Gary Gensler’s regulatory approach, cautioning that his actions could harm the Biden administration’s political standing.
In a recent testimony before the House Financial Services Committee, lawmakers openly criticized Gensler.
Given these challenges, the crypto industry is pushing for significant policy changes.
Trump’s Potential Impact on the Crypto Industry
Industry leaders are advocating for measures such as executive orders to enhance crypto firms’ access to banking services and the appointment of crypto-friendly individuals to key positions.
A major demand is the appointment of a new SEC chair who aligns with the needs of digital asset companies with the goal of fostering a more conducive regulatory environment for growth and innovation.
Trump has also pledged to establish a crypto advisory council.
Standard Chartered recently projected that the total cryptocurrency market capitalization could reach $10 trillion by 2026, a scenario that could be propelled by a Republican victory introducing pro-crypto policies.
Following Trump’s election victory, Bitcoin (BTC) surged by approximately 30% since the 5th of November, leading a broader crypto rally.
Despite a slight dip, the momentum continues to suggest strong growth ahead.
