Journalist
Posted:
- The crypto market rose after Trump’s victory, pushing for pro-crypto policy reforms.
- Bitcoin rose 30% to reach $93,490, with strong future growth forecasts despite a brief pullback.
Following the victory of Donald Trump as 47th President of the United States, the cryptocurrency market has soared.
As the market gained momentum, the crypto industry pushed for bold policy changes to accelerate digital asset adoption. While key players are calling for better regulation to integrate cryptocurrencies into the global financial system.
The industry under Biden and Gensler
The crypto industry has faced significant challenges under President Joe Biden’s administration, especially under heightened scrutiny from the U.S. Securities and Exchange Commission (SEC).
Many executives have expressed concerns about SEC Chairman Gary Gensler’s regulatory approach. They warned that his actions could damage the Biden administration’s political standing ahead of the upcoming elections.
During recent testimony before the House Financial Services Committee, lawmakers openly criticized Gensler. Representative Pete Sessions accused the SEC of “selective enforcement.” Rep. Patrick McHenry called the agency a “rogue state” and Rep. Tom Emmer accused Gensler of “abusing” the SEC’s enforcement powers.
In light of the challenges President Biden and Gensler faced, the crypto industry is calling for significant policy changes.
How will Trump bring about change?
Industry leaders are calling for measures such as executive orders to improve crypto companies’ access to banking services. They also want crypto-friendly individuals appointed to key positions.
One primary requirement is to select a new SEC chairman who fits the needs of digital asset companies. This aims to create a more favorable regulatory environment for growth and innovation.
Mike Belshe, CEO of BitGo, said the same thing:
“We have had a government that has been very negative, and that is why we look forward to breaking that impasse. I think the voters of America have said very clearly that they want to see that.”
Trump and others remain hopeful
Well, Trump also promised to create a crypto advisory board when he said:
“I will end Joe Biden’s war on crypto, and we will ensure that the future of crypto and the future of Bitcoin will be made in America.”
Recently, Standard Chartered had predicted that the total market capitalization of cryptocurrency could reach $10 trillion by 2026. This scenario could be fueled by a Republican victory that introduces pro-crypto policies.
After Trump’s election victory, Bitcoin [BTC] rose about 30% since November 5, sparking a broader crypto rally.
According to TradingView, the value peaked at nearly $93,490 on November 13. On November 15, the price fell slightly to around $88,100 CoinMarketCapat the time of writing.
Despite this temporary dip, momentum continues to point to strong growth ahead.