Crypto’s growing influence in the political landscape of the US this year is not unknown. With Trump’s win in the 2024 US Presidential elections, the pro-crypto sentiment in the market has gotten even stronger. Bitcoin even touched its highest ever of $75K in anticipation of a Trump win.
Amidst the market optimism, Coinbase CLO, Paul Grewal has taken to X urging the US SEC to soon make changes in its take on digital assets.
https://twitter.com/iampaulgrewal/status/1854028953658577240
Grewal’s post reflects how frustrated is the industry with the regulatory challenges. Gensler’s SEC has brought dozens of enforcement actions against Coinbase, Kraken, and others, accusing them of disregarding U.S. securities laws meant to inform investors about potential risks.
Also, Coinbase CEO Brian Armstrong recently highlighted the significant surge in pro-crypto support within Congress. He shared that 205 pro-crypto candidates were elected to the House Of Representatives, exceeding the 99 who oppose crypto. Additionally, more pro-crypto senators gained traction compared to anti-crypto lawmakers.
Market analysts have been reiterating that the election outcome could pave the way for a new age of crypto regulation in the US. He also added that the presence of crypto allies in Congress paves the way for long-awaited regulatory clarity in the digital assets space.
Therefore, now with the Republicans in control of the Senate, there could be increased pressure on regulatory bodies to clearly define and simplify the crypto policies. Trump’s victory in the US election has no doubt sparked a great deal of optimism among investors.
Now with Trump as the next President, speculations have stirred if the SEC would change its anti-crypto stance. Trump has publicly spoken against the regulatory overreach of SEC towards crypto under Gensler and had even said that he would fire Gensler if elected, which has captured investors’ interest.
Trump’s Promises
Trump had also vowed to create a “bitcoin and crypto presidential advisory council. The rules will be written by people who love your industry, not hate your industry,” he had said. Therefore many now expect a clear regulatory path for the crypto ahead, which could also take the crypto prices higher.
“For the crypto industry, this election isn’t about choosing one party over another – this is about supporting candidates who recognize that the U.S. needs to support innovation,” Lauren Belive, Ripple’s head of U.S. policy, had said in a statement.
Speculations are increasing if the SEC will turn crypto-friendly and start dropping the ongoing lawsuits under Trump. Crypto asset managers including Bitwise and Canary Capital are planning new products ahead of what many expect to be a more crypto-friendly administration, while others including Ripple are planning a fresh push for crypto legislation in the new Congress.
