Manhattan prosecutors have de-prioritized crypto cases, focusing on other tasks amidst political changes and rising interest in digital currencies.
Change in Manhattan Prosecutors' Priorities
Scott Hartman, co-chief of the Southern District of New York’s securities and commodities task force, affirmed that crypto cases are becoming less prioritized. While crypto cases won't disappear completely, fewer prosecutors are now assigned compared to 2022. Agencies like the SEC and CFTC have taken the lead, freeing up Manhattan prosecutors to focus on other areas.
Bitcoin Soars Post-Trump Victory
Bitcoin hit an all-time high of $93,000 following Trump's electoral win. According to Standard Chartered analyst Geoff Kendrick, the crypto market was poised to rally regardless of the election's outcome, but Trump's victory significantly accelerated this process. It is forecasted that the growth will continue, and the Bitcoin price may reach $100,000 by inauguration. Lower interest rates favore further inflows into cryptocurrencies.
Regulatory Chaos Might Calm Down
Optimism in the crypto market is fueled by Trump's regulatory-friendly stance. The past four years under Gary Gensler's leadership at the SEC were challenging for the industry. Companies like Grayscale faced hurdles in launching products. The shift in administration may lead to more crypto product approvals, including new ETFs. Gary Gensler defends his policy, stating it aims to protect investors, despite dissatisfaction among market participants.
The de-prioritization of crypto cases in Manhattan and Trump's victory are leading to significant changes in the market, with rising interest in cryptocurrencies amid regulatory changes and increasing Bitcoin prices.
