Following Donald Trump’s recent presidential win, Binance CEO Richard Teng described the moment as the start of a “golden age” for the crypto industry. Trump’s win has fueled hope across the crypto sector, as many expect the new administration will bring a more supportive approach to digital assets, marking a shift from the previous administration’s perceived hostility toward crypto.
Trump’s campaign strongly endorsed Bitcoin, calling for the creation of a national Bitcoin reserve, and many of his key supporters—like Vice President-elect JD Vance and transition team co-chair Howard Lutnick—are openly pro-crypto. Industry leaders see the election outcome as a payoff for their strategic efforts over the past year. The crypto sector, through political action committees (PACs) like Fairshake, spent around $170 million backing pro-crypto politicians and targeting crypto critics, such as Ohio Senator Sherrod Brown.
With a new administration in place, crypto executives are optimistic that U.S. policies will become more crypto-friendly. One expected shift is moving primary regulatory oversight of digital assets from the SEC to the Commodity Futures Trading Commission (CFTC), which could mean a reduction in regulatory barriers. For years, industry leaders have voiced concerns about SEC Chair Gary Gensler’s enforcement-based approach, calling it restrictive and unclear. While Gensler’s term technically runs until 2026, some analysts believe a transition to CFTC oversight could relieve some regulatory pressure on the crypto industry.
In Congress, the industry is also pushing for the reversal of a 2022 SEC rule requiring institutions holding digital assets to account for them as liabilities on their balance sheets. If removed, this could encourage large financial institutions, like major banks and fund managers, to enter the market. Mike Novogratz, founder of Galaxy Digital, expressed excitement about this possibility, believing it could trigger a wave of institutional interest.
Despite the optimism, some promises made during the campaign might be challenging to fulfill. For example, analysts like Geoff Kendrick of Standard Chartered doubt the feasibility of creating a national Bitcoin reserve. Still, the industry remains hopeful, viewing the new administration as a potential turning point that could pave the way for more favorable policies.
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