This Week In Crypto: Key Developments And Legislative Moves As Trump Prepares For Office

Share This Post

As President-elect Donald Trump prepares to assume office on January 20, there is growing anticipation regarding how his administration will influence the cryptocurrency sector. 

Ron Hammond, Director of Government Relations at the Blockchain Association, has shared insights on what to expect from the new administration and its legislative agenda related to digital assets.

Trump’s Crypto Regulatory Strategy

In a recent social media update, Hammond emphasized the importance of personnel in shaping the administration’s approach to crypto. While Trump has publicly endorsed pro-crypto policies, the real impact will depend on the appointments of key agency heads and staff. 

Positions at the Securities and Exchange Commission (SEC), banking regulators, and the Commodity Futures Trading Commission (CFTC) are still to be filled, and announcements are expected imminently. 

However, Scott Bessent, a billionaire hedge fund manager and Trump’s leading candidate for Treasury Secretary, has expressed strong support for digital assets, particularly Bitcoin. 

As reported by FOX journalist Eleanor Terret, Bessent’s pro-crypto stance aligns closely with Trump’s broader vision for a more permissive regulatory environment regarding cryptocurrencies.

Despite these advancements, Hammond cautioned that while there are many rumored candidates favorable to the crypto industry, it is essential to wait for official confirmations before drawing conclusions.

Trump has also indicated plans to create a dedicated role for cryptocurrency within the White House or establish an advisory council, a significant move that would institutionalize a focus on digital assets at the highest levels of government. 

This would mark a departure from previous administrations, where cryptocurrency-related issues were often managed alongside broader policy areas. The early appointments to these positions will likely have a lasting impact on the administration’s strategy.

Challenges Ahead

Hammond also highlighted in his analysis that the crypto industry faces a multitude of challenges, including issues related to taxation, mining regulations, stablecoins, market structure and decentralized finance (DeFi). 

The expert believes that addressing these complexities in a limited timeframe will be challenging. While some issues can be addressed through executive orders or changes in agency leadership, others, particularly those requiring legislative action, may take more time to resolve.

Hammond also noted that the current Congress is still active, with ongoing discussions about cryptocurrency legislation. Bipartisan progress has been made on stablecoin regulation and market structure, although significant hurdles remain. 

The lame-duck session presents a final opportunity for lawmakers to reach agreements before the new session begins. Despite expectations that Republicans may delay major legislation until they have full control in 2025, Hammond suggests that there remains potential for bipartisan initiatives in the coming weeks.

Overall, while the exact outcomes of the remaining weeks in the current session are uncertain, the anticipation for a more pro-crypto Congress next year is palpable among investors. 

As the new Trump administration takes shape, many in the digital asset industry are hopeful that the new leadership will facilitate a clearer regulatory framework and foster innovation within the sector.

Crypto

Featured image from DALL-E, chart from TradingView.com

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Will Dogecoin Hold Support Levels or Drop Below?

The post Will Dogecoin Hold Support Levels or Drop Below appeared first on Coinpedia Fintech News Dogecoin’s price is back in the spotlight after a surprising jump past a critical resistance level

Scammed: Korean Police Bust $232M Fraudulent Crypto Scheme, Youtube Star at Center

South Korean police arrested 215 individuals, including a Youtube influencer, for their role in perpetrating a $232 million crypto scam 28 Fraudulent Digital Assets Issued The South Korean police

Altcoin Season Set to Begin in 20 Days Here’s Top 3 Altcoin To Watch Out 

The post Altcoin Season Set to Begin in 20 Days Here’s Top 3 Altcoin To Watch Out  appeared first on Coinpedia Fintech News Since Donald Trump’s win in the US presidential race, the

DOGE and PEPE Drive the Memecoin Rally: Upside Targets Revealed

The post DOGE and PEPE Drive the Memecoin Rally: Upside Targets Revealed appeared first on Coinpedia Fintech News As the meme coin market hits the $116 billion market cap, DOGE and PEPE are stealing

Bitcoin Strategic Reserve: Michael Novogratz Doubts US Will Move Forward With The Plan

Michael Novogratz, the billionaire founder of crypto investment firm Galaxy Digital, expressed skepticism regarding the likelihood of the United States establishing a Bitcoin strategic reserve, a

Bitcoin Price Prediction 2024, 2025 – 2030: BTC Price To Rally To $100k This Week?

The post Bitcoin Price Prediction 2024, 2025 – 2030: BTC Price To Rally To $100k This Week appeared first on Coinpedia Fintech News Story Highlights The live price of the Bitcoin token is