WEB3
by Soumen Datta
November 12, 2024
Trump plans to appoint pro-crypto figures to key roles within agencies like the SEC and CFTC.
As President-elect Donald Trump prepares for his second term, his administration is reportedly engaging in discussions with key players in the cryptocurrency industry.
According to recent reports from The Washington Post, Trump’s team is actively considering regulatory adjustments that could significantly reshape the landscape for crypto in the United States.
As part of his goal to establish the U.S. as the global leader in cryptocurrency adoption, Trump is reportedly considering pro-crypto individuals for key financial regulatory positions. This includes appointments to agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)—two powerful entities with significant influence over the regulatory landscape for digital assets.
Among the names under consideration for these roles are Hester Peirce. She has earned the moniker "Crypto Mom" for her staunch support of a more open and transparent regulatory environment for cryptocurrencies.
Further, there is Daniel Gallagher, a former SEC official now at Robinhood, who has been vocal about his criticism of the SEC’s heavy-handed approach toward crypto regulation.
Additionally, Mark Uyeda, who has expressed concerns about the SEC's policies under the current administration, is also being considered for a key position.
If Trump’s team succeeds in enacting these changes, it could have a profound impact on the way cryptocurrencies are regulated in the U.S. At present, the crypto sector has been subject to strict regulations under the Biden administration, particularly through the SEC's approach to enforcement.
Under Gensler's leadership, the SEC has applied traditional securities laws to crypto assets, leaving many in the industry feeling that existing regulations are too outdated to deal with the fast-paced, innovative nature of blockchain technology.
For example, the SEC has taken action against major crypto firms like Coinbase, which has argued that the current regulatory framework is incompatible with the blockchain model.
Trump’s team is reportedly exploring the possibility of stablecoin regulation—an issue that has become central to many discussions in the crypto space, according to The Block.
There are currently two major proposals on the table for stablecoin regulation: one is to pass a tailored bill specifically addressing stablecoins, while the other would integrate stablecoin regulation into a broader crypto market structure bill. Either option would require issuers to meet certain liquidity requirements, improving consumer protection and opening the door for banks to issue stablecoins.
Such regulatory clarity could enhance the credibility of the crypto sector in the eyes of both institutional investors and retail users. Stablecoins, in particular, could benefit from such regulation, as their growing role in the digital asset ecosystem demands more oversight.
With a Republican-controlled Senate and House expected to dominate the political landscape, Trump may have the political capital needed to advance his regulatory agenda. This could allow for the passage of new crypto-focused legislation during his second term—something that has been a priority for many in the industry.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
Author
Soumen Datta
Soumen is an experienced writer in cryptocurrencies, DeFi, NFTs, and GameFi. He has been analyzing the space for the last several years and believes there is a lot of potential with blockchain technology, even though we are still at an early stage. In his spare time, Soumen enjoys playing his guitar and singing along. Soumen holds bags in BTC, ETH, BNB, MATIC, and ADA.
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