Why Coinbase CEO Sees Trump's Win as the 'Dawn of a New Crypto Era'
Cryptocurrency assets have surged in the week since Donald Trump was re-elected President, as the industry looked ahead to what Coinbase (COIN) CEO Brian Armstrong on Tuesday called the «dawn of a new crypto era.»
The industry poured hundreds of millions in donations to candidates and advertising during the election cycle, according to reports and data from nonprofit watchdogs Public Citizen and OpenSecrets.
Bitcoin (BTCUSD) has soared more than 25% since election day, hitting a string of record highs over the last week. Here's a look at what the industry is likely hoping for in a second Trump term.
The crypto industry is hoping Trump will follow through on his promise to replace Gary Gensler as the head of the Securities and Exchange Commission (SEC).
Gensler has been criticized by crypto executives for the agency's scrutiny of the industry. Crypto advocates have charged the SEC and the Commodity Futures Trading Commission (CFTC), another federal regulator, with inconsistently and punitively enforcing federal laws.
Gensler's term lasts until 2026, and experts are divided on whether Trump could legally dismiss him, but it's also possible Gensler will follow the lead of past chairs and step down during the administration change.
Armstrong told CNBC Tuesday that the Congress that will be sworn in next January should be the «most pro-crypto Congress ever,» which could give the industry «some regulatory clarity.»
With more than a dozen races left to call, neither party had clinched a majority in the House of Representatives as of Tuesday.Though a majority in the Senate and the White House could allow Republicans to pass legislation favorable to the crypto industry even without control of the House.
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