The forthcoming administration of Donald Trump is considering regulatory changes to cryptocurrency that could drastically modify the industry's landscape in the USA. This involves appointing pro-crypto advocates to key positions within financial regulatory bodies.
Trump's Vision for Cryptocurrency
Trump aims to establish the USA as a leader in cryptocurrency adoption by selecting pro-crypto individuals for agencies like the SEC and CFTC. Names under consideration include Hester Peirce, known for advocating a more open crypto regulatory environment, and Daniel Gallagher from Robinhood, vocal about the SEC's stringent approach.
Potential Regulatory Impact
If enacted, these changes could affect the current strict cryptocurrency regulations imposed under Biden's administration, such as those affecting Coinbase, highlighting the traditional laws' clash with the blockchain's innovative nature.
Stablecoin Regulation
Trump's team is reportedly exploring stablecoin regulation, central to discussions in the crypto space due to their growing role in the digital economy. Two proposals include a specific stablecoin bill or inclusion in a broader crypto market act, enhancing industry trust and consumer protection.
With a Republican-controlled Senate and House, Trump may advance his pro-crypto agenda, providing a chance for new crypto-focused legislation to pass during his second term.
