President-elect Donald Trump is preparing to shift the U.S. government toward a more crypto-friendly stance, aiming to fulfill his campaign promise to make the U.S. the “crypto capital of the planet.” To support this objective, Trump is reportedly considering industry-friendly candidates for key financial regulatory positions, focusing on individuals with pro-crypto views. This strategy comes as Trump’s advisers hold discussions with crypto industry leaders on potential federal policy changes.
Donald Trump Eyes Pro-Crypto Candidates to Make US ‘Crypto Capital’
According to recent reports, Donald Trump intends to appoint pro-crypto figures to lead major financial regulatory bodies in his second term. This move aligns with his goal to transform the U.S. into the leading global hub for cryptocurrency innovation and adoption. Trump’s advisors have been in discussions with various crypto industry leaders and executives to identify suitable candidates for roles in agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Among those under consideration are Hester Peirce and Daniel Gallagher, both known for their favorable stance on digital assets. Peirce, often referred to as “Crypto Mom” for her support of a more open regulatory environment, has expressed criticism of the SEC’s current approach to digital assets. Gallagher, currently an executive at Robinhood, has also faulted the agency’s aggressive stance on crypto regulation.
More so, recent CoinGape report revealed that Gary Gensler is expected to step down by the end of the year. Sources suggest that the Trump administration is considering Dan Gallagher as his replacement to bring a more crypto-friendly approach to the SEC.
Similarly, industry experts and executives have voiced optimism for Trump’s proposed regulatory changes. For instance, Cardano founder Charles Hoskinson expressed a desire to collaborate with the U.S. government to develop clear and consistent regulations for the industry. Hoskinson’s involvement aims to offer the crypto sector a more structured framework to operate within.
Many in the industry see this approach as a step toward more concrete guidelines that will aid crypto business operations.
Pro-Crypto Stance Boosts Market, Rallies BTC To New ATH
Concurrently, Donald Trump’s unqualified support for cryptocurrency has sent a ripple through the markets, contributing to BTC price rally to an all-time high of over $89,000. Crypto investors are hopeful that Trump’s administration will enact policies favorable to the industry.
The incoming administration’s interest in pro-crypto policies has generated positive sentiment among major stakeholders. A clear and supportive regulatory framework will possibly drive further market rally.
However, some economic commentators remain critical. Economist and crypto critic Peter Schiff voiced concerns over Trump’s proposed national Bitcoin reserve, cautioning that it could harm the dollar’s stability. Schiff argues that if the government were to invest heavily in Bitcoin, the dollar might face devaluation. Nonetheless, Donald Trump’s team and industry advocates remain focused on making the U.S. a “crypto capital.”
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
✓ Share: