Official presidential announcements or legal documents

Trump's Win Signals Crypto Surge, SEC Shake-Up, and U.S. Bitcoin Reserve

Nov 10, 2024, 03:32 AM

Cryptocurrencies experienced a surge following Donald Trump's victory in the U.S. presidential election, driven by expectations of a more favorable regulatory environment under a Republican administration. Trump's potential appointment of Wall Street-friendly candidates to key regulatory positions, such as the chair of the SEC, suggests a shift from the current stringent oversight by Gary Gensler. This shift has sparked optimism within the crypto community, with rumors circulating about the establishment of a U.S. Bitcoin reserve and lighter regulatory burdens. Trump has also promised to commute the sentence of Ross Ulbricht, further signaling his intent to support the cryptocurrency sector. With pro-crypto candidates dominating Congress, the prospects for the crypto industry look promising.