Key Points
- The cryptocurrency market surged following Donald Trump’s victory, with Bitcoin rallying by 30%.
- Industry leaders are advocating for policy changes to accelerate digital asset adoption.
The Crypto Market Responds to Trump’s Win
Following Donald Trump’s election as the 47th President of the United States, the cryptocurrency market experienced a significant surge.
The industry was not only celebrating the market momentum but also pushing for bold policy changes to further digital asset adoption. The goal is to create better regulations that will help integrate cryptocurrencies into the global financial system.
Challenges Under Biden and Gensler’s Leadership
The crypto industry has faced numerous hurdles under President Joe Biden’s administration, particularly due to increased scrutiny from the U.S. Securities and Exchange Commission (SEC).
Several executives have expressed concerns about SEC Chair Gary Gensler’s regulatory approach, warning that it could negatively impact the Biden administration’s political standing. During a recent testimony before the House Financial Services Committee, lawmakers openly criticized Gensler and the SEC.
Expectations from Trump’s Administration
Industry leaders are hoping for measures such as executive orders to enhance crypto firms’ access to banking services and the appointment of crypto-friendly individuals to key positions.
One significant demand is the appointment of a new SEC chair who understands and supports the needs of digital asset companies. This is expected to foster a more favorable regulatory environment for growth and innovation.
Donald Trump has also pledged to establish a crypto advisory council. Recently, Standard Chartered projected that the total cryptocurrency market capitalization could reach $10 trillion by 2026. This projection is based on the assumption that a Republican victory could introduce pro-crypto policies.
Following Trump’s election win, Bitcoin (BTC) surged by about 30% from the 5th to the 13th of November. Despite a slight pullback, the momentum suggests strong growth ahead.