A recent report indicates a significant decrease in sanctions imposed by federal regulators on the crypto and tech industry during President Donald Trump’s administration.
Overview of the Sanctions Reduction Report
According to the report, a systematic strategy shaped by over one billion dollars in contributions from various sectors is evident. Major companies actively sought to reduce sanctions against them, aiming to rewrite federal policies in their favor.
Impact of Campaign Contributions on Legislation
The report highlights that after the 2024 elections, federal authorities halted or suspended actions against 165 companies, with a quarter being tech firms. Rick Claypool from Public Citizen states that Trump's administration essentially ceased to enforce regulations on large tech companies.
Future Prospects for the Sectors After Elections
Despite initially criticizing cryptocurrencies, Trump’s stance shifted dramatically during his last election campaign as he garnered significant support from crypto investors. The report also notes that Trump and his family reportedly earned billions from involvement in the crypto industry.
The report emphasizes Trump's shift from criticism to support for the crypto industry as well as his influence on changes in federal policy and regulation following the elections.
