- Donald Trump considers three crypto-friendly members for the SEC chair position, sources say.
- Trump’s pro-crypto stance has caused the election results to instigate a price rally.
The crypto community has gone haphazard with excitement as Bitcoin has continued its rally to the dream high of $88,000. The overall cryptocurrency market cap is also inching closer to the $3 trillion mark. According to recent reports, BTC’s market cap has surpassed that of silver on a global level. Meanwhile, one of the root causes of the optimistic market, the US electoral results has also begun cooking its pro-crypto stance.
According to the Washington Post, President-elect Donald Trump has sprung to action to deliver on his promises on crypto regulations. This is indicative through his consideration of crypto-friendly candidates for key positions in his government, primarily the SEC chair. Our community members began speculating early on who would be the next leading member of the US regulatory body.
Moreover, as per sources, Donald Trump is considering three leading pro-crypto officials for the position – Daniel Gallagher, Hester Peirce, and Mark Uyeda. Gallagher is the current CLO of financial firm Robinhood, while the other candidates are previous position holders within the SEC.
However, leading members of the community held the top choice as Hester Peirce, the current SEC Commissioner. She had previously stated that she would leave the SEC in 2025, but has not made any recent comments.
Meanwhile, Trump’s leading advisors have also begun approaching crypto-related executives surveying for policy changes. The crypto president’s winning the elections has resulted in a full-fledged optimism for the cryptocurrency sector.
What to Expect from Trump’s Pro-Crypto Stance?
Donald Trump’s election campaigns have primarily focused on the crypto sector. Over the past few months, the president-elect had made several promises to members of the community, out of which regulatory clarity took the lead. After his win, several prominent members have begun addressing how reforms might occur.
One such venture capitalist firm, a16z, published a blog on Monday discussing the ‘positive path’ that awaits us. Meanwhile, other leading members of the community have also expressed positive views on the sector’s future.
Finally, Trump’s leadership could result in crypto’s extension of reach on a global level. However, several of his promises, including firing current SEC chair Gary Gensler can be realized only in the coming months.
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