Donald Trump aims to implement pro-crypto reforms to position the U.S. as the “Crypto Capital” by appointing crypto-friendly candidates.
To accomplish his campaign pledge to establish the United States as the “crypto capital of the world,” President-elect Donald Trump is preparing to transition the U.S. government to a more crypto-friendly stance. Trump is reportedly contemplating industry-friendly candidates for critical financial regulatory positions, with a particular emphasis on those who are pro-crypto. This is to support this objective. This approach is implemented as Trump’s advisers engage in discussions with crypto industry leaders regarding prospective federal policy modifications.
Donald Trump is considering pro-crypto candidates to establish the United States as a “crypto capital”
According to recent reports, Donald Trump is expected to appoint pro-crypto figures to lead significant financial regulatory bodies in his second term. This action is consistent with his objective to establish the United States as the premier global center for cryptocurrency innovation and adoption. Trump’s advisors have engaged in discussions with various crypto industry leaders and executives to identify appropriate candidates for positions in agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Hester Peirce and Daniel Gallagher, recognized for their favorable perspectives on digital assets, are among the individuals being considered. Peirce, frequently called “Crypto Mom,” criticized the SEC’s current approach to digital assets due to her advocacy for a more transparent regulatory environment. Gallagher, presently employed as an executive at Robinhood, has also criticized the agency’s assertive approach to cryptocurrency regulation.
Additionally, the most recent report indicated that Gary Gensler is anticipated to retire by the year’s conclusion. According to sources, the Trump administration is contemplating the appointment of Dan Gallagher as his successor to implement a more crypto-friendly approach at the SEC.
In the same vein, executives and industry experts have expressed confidence in the potential of Trump’s regulatory reforms. For example, Charles Hoskinson, the founder of Cardano, expressed a desire to work with the U.S. government to establish explicit and consistent regulations for the industry. Hoskinson’s involvement aims to provide the crypto sector with a more organized framework within which to operate.
Numerous industry professionals perceive this approach as a preliminary step toward establishing more specific guidelines to facilitate crypto business operations.
The market is stimulated by a pro-crypto stance, which propels Bitcoin to a new high
Simultaneously, Donald Trump’s unreserved endorsement of cryptocurrency has caused a market ripple, resulting in a surge in the price of Bitcoin to an all-time high of over $89,000. Crypto investors are optimistic that the Trump administration will implement policies advantageous to the sector.
The prospective administration’s interest in pro-crypto policies has fostered positive sentiment among significant stakeholders. The potential for a further market rally is present if a regulatory framework is explicit and supportive.
Nevertheless, a few economic commentators continue to be quite critical. An economist and crypto critic, Peter Schiff, expressed apprehension regarding Trump’s proposed national Bitcoin reserve, stating that it could potentially undermine the dollar’s stability. Schiff contends that the dollar may be devalued if the government were to invest significantly in Bitcoin. However, Donald Trump’s team and industry advocates continue to prioritize the establishment of the United States as a “crypto capital.”
