CandleFocus What Does Trump's Win Mean for Crypto?
2024-11-16
Author: Content Editor
With Donald Trump and the Republican Party winning the 2024 election, it is likely that crypto legislation will advance and become law within the next two years. The victory also suggests a potentially softer approach from regulators towards the crypto sector. The crypto industry is eager to see how Trump will shape policies and regulations, and what this will mean for businesses. The chances of some kind of crypto bill passing have increased, as Republicans now hold the House, Senate, and White House. However, it is still unclear what the content of the bill will be. The identity of the leaders of regulatory bodies such as the SEC, Treasury Department, and CFTC is also unknown, which will directly impact the crypto industry. The cases against exchanges like Coinbase, Kraken, and Binance may not be immediately dismissed with a new SEC chair. The Treasury Department, as well as its Undersecretary for Terrorism and Financial Intelligence, can also affect crypto policymaking. Additionally, if Congress passes a bill directing the CFTC to become a primary market regulator, the head of that agency will have significant influence.
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