Crypto market players prepare wishlist for potential second Trump administration

Bitcoin

TradingKeyJul 31, 2024 1:04 PM

- Former U.S. President Donald Trump pledged at a bitcoin conference to dismiss SEC Chair Gary Gensler if reelected, garnering support from the crypto industry.

-Under Gensler's leadership, the SEC has initiated numerous crypto enforcement actions and imposed hefty fines on major exchanges like Coinbase, Binance, and Kraken.

-The crypto industry hopes for a Trump victory to appoint a more crypto-friendly SEC chair who could address key industry concerns, such as regulatory clarity and safe harbor for new tokens.

Former U.S. President Donald Trump declared at a bitcoin conference his intention to replace SEC Chair Gary Gensler if reelected, triggering enthusiasm from the crypto community. Gensler's strict regulatory approach led to significant enforcement actions against major exchanges, prompting hopes within the industry for a more favorable regulatory environment under a potential Trump administration. The crypto sector seeks regulatory clarity and a safe harbor for new tokens, anticipating a shift in the SEC's approach if a crypto-friendly chair is appointed post-election. The industry's wish list includes addressing limitations on Americans' crypto custody options and revisiting enforcement actions under Gensler's tenure.

Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.