While the crypto industry walked a fine line as it made its pitch to both President-elect Trump and Vice President Harris, Trump’s victory delivers a big win as it gains prominence in Washington.
Trump’s campaign season embrace of crypto marked a shift for the former president, who once dismissed digital currencies as a “scam.”
He has since vowed to make the United States the “crypto capital of the planet” and put an end to what he calls the “unlawful and unAmerican crypto crackdown.”
“I think in every economy what matters most on crypto is the tone from the top, and now you have the president-elect, who has a very ambitious and optimistic position on crypto,” cryptocurrency exchange Coinbase chief policy officer Faryar Shirzad told The Hill.
Coinbase was at the forefront of the industry’s political engagement this election cycle, with the company loading $70.5 million into the Fairshake super PAC, which also received $1 million from CEO Brian Armstrong, according to Federal Election Commission data.
The Trump campaign repeatedly hammered at the Biden-Harris administration’s crypto-critical approach, notably including the leadership of Securities and Exchange Commission (SEC) Chair Gary Gensler, whom Trump pledged to fire if reelected.
“On the regulatory side, Trump’s win is huge,” said Owen Tedford, a senior research analyst at Beacon Policy Advisors. “At the SEC, no more Gensler. That is just a complete tone shift towards the industry.”
Read the full report at TheHill.com.
