With bullish momentum surging through the crypto market after Bitcoin’s all-time high, investors are urging Donald Trump to prioritize crypto regulations.
Donald Trump’s Victory: A Boost for Crypto, But What’s Next?
Key Points:
- Crypto supporters view Trump’s election win as a step toward regulatory clarity.
- Coinbase’s Chief Legal Officer, Paul Grewal, hailed Trump’s win as a victory for crypto, as Bitcoin reached a new high of $89K.
- Investors hope for reforms and pro-crypto leadership to ease fears of shutdowns for crypto service providers.
Donald Trump’s historic win in the 2024 U.S. Elections could mark a transformative moment for the crypto industry, as investors look forward to his pro-crypto policies. Trump has consistently advocated for crypto-friendly regulations this year, attending blockchain events and visiting crypto hotspots like PubKey in New York, solidifying his appeal to crypto investors. Key promises, including making crypto “Made in America” and potentially replacing SEC Chair Gary Gensler, are now under focus.
Industry Leaders Hail Trump’s Win as Crypto’s Win
Trump’s pro-crypto stance has garnered widespread support, including from influential figures like Elon Musk and Robert Kiyosaki. Coinbase’s Paul Grewal also celebrated Trump’s win, calling it a win for the crypto community and emphasizing the need for regulatory change. Since the election results, Bitcoin has surged nearly 25%, hitting an all-time high of $89,956.88 before settling around $86,010.51.
Grewal urged the SEC to shift its approach, suggesting a need for collaboration with the crypto industry rather than litigation. Many in the crypto space see Trump’s leadership as a catalyst for a bullish run, with analysts predicting Bitcoin could surpass $100K and potentially reach $200K.
What the Crypto Industry Expects from Trump
Beyond the current market rally, crypto enthusiasts and industry leaders seek clearer regulations. Trustless Media’s founder Zack Guzman expressed that regulatory clarity is essential for companies to operate without fear of shutdowns or legal complications. Many hope for a shift to a more cooperative regulatory framework, with crypto-friendly individuals in key positions.
A recent Blockchain Association report highlighted that SEC Chair Gary Gensler initiated 104 enforcement actions against crypto firms, resulting in substantial losses. Trump’s pro-crypto stance has prompted him to begin selecting regulatory candidates supportive of the industry, suggesting his commitment to fulfilling his promises.
