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5 Promises made by Trump to the cryptocurrency market
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Donald Trump’s victory in the US presidential election, declared this Wednesday (06), generated a wave of enthusiasm among cryptocurrency enthusiasts. Just before the release of the official result, Bitcoin (BTC) rose to US$75,300 and renewed its historic high, confirming this optimism.
According to Hong Fang, president of the OKX exchange, this result was a watershed for cryptocurrencies. Fang believes that Trump’s victory will make the market enter a new phase inside and outside the US.
“Today’s all-time high, driven by Trump’s election victory, signals that we are in the midst of a potential paradigm shift for the next phase of growth in the crypto market. As a candidate, Trump sent very optimistic signals to the market, indicating his support for the crypto industry and strengthening the United States’ status as a global, regulated hub for cryptocurrencies,” said Fang.
During the election campaign, the now president-elect made a series of promises that help explain his optimism about victory. Below are the top five of them that Trump could fulfill over the next four years.
SEC changes
Trump promised to make drastic changes to the US Securities and Exchange Commission, the SEC, starting with its top command. According to the president, this includes the resignation of current SEC Chairman Gary Gensler, which is expected to occur on the first day of the new administration.
Gensler has been a key player in the regulation of cryptocurrencies, as he has initiated several lawsuits against companies in the sector operating in the US. These measures contributed to driving industry away from the country and causing technological and regulatory delay.
Trump’s move shows that he plans to push for policies that support the cryptocurrency industry. Therefore, Gensler and his stance will probably not be welcomed.
Hester Pierce, an SEC commissioner who has a pro-cryptocurrency stance, is one of the names that could replace Gensler.
The future new SEC president will have the mission of helping the Trump administration make the US the “cryptocurrency capital of the world”. This is another promise made by Trump: to create a favorable environment for companies working in the sector.
For a long time, many cryptocurrency companies have chosen to adopt overseas countries as their headquarters because of the Joe Biden administration’s anti-crypto stance. Now, they can return to the USA if Trump manages to make the country have friendlier laws.
5 Promises made by Trump to the cryptocurrency market
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5 Promises made by Trump to the cryptocurrency market
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5 Promises made by Trump to the cryptocurrency market
