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SEC Shake-Up Expected as Trump Win Drives Bitcoin, Ether to Record Levels
- Donald Trump’s recent presidential victory has propelled Bitcoin and other digital currencies to record-breaking highs, portraying optimism for the crypto industry under the new administration that champions crypto innovation and less restrictive regulations compared to the SEC’s Gary Gensler. Trump has vowed to replace Gensler with a more crypto-friendly SEC Chair, and his pro-crypto vision implies the removal of barriers and simplification of the regulatory environment for crypto companies to operate effectively. Besides, Trump intends to instill tax cuts for crypto holdings and long-term investments and support cryptocurrency indirectly through economic policies that could benefit digital assets.
- In addition, Trump's administration is poised to pass bipartisan crypto legislation, acknowledge digital assets' role as a vital part of the modern economy, and respect their technological characteristics while promoting them into mainstream financial systems. The appeal of Bitcoin as an alternative store of value is expected to continue as investors see it as a safeguard against inflation, among other economic trends and investor sentiments. The effects of Trump’s victory have been felt not only in cryptocurrency prices but also in related equities such as Coinbase, Riot Platforms, and Marathon Digital, with an uptick in their stock prices due to Trump’s support for domestic crypto mining.
- Although Trump's victory has created excitement in the crypto market, the future of crypto regulation is yet to be fully outlined. The industry needs a balanced regulatory framework that protects consumers while fostering innovation, requires collaboration between regulators, lawmakers, and the crypto industry ensuring new rules that are both practical and forward-looking.
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