As we enter the new year, cryptocurrency has been enjoying a thriving environment, with every angle turning out in its favor. From Washington, D.C., to Silicon Valley, cryptocurrency has been floating on untested waters as the new administration is taking shape.
As the pro-crypto president-elect has yet to assume office, the future of digital assets looks promising, with some key administrative offices taking shape. The Securities and Exchange Commission is having a new nominee for chairperson, who is also pro-crypto. Besides, there will also be a new AI and crypto czar.
Although the new administration is creating a promising environment, it is also uncharted territory because the industry has never experienced a peaceful coexistence with regulators. The industry must find a balance on how to work with the administration to navigate the complexity of power and influence over digital assets.
Cryptocurrency is having a welcome moment in Washington
Jennifer Schulp, director of financial regulation studies at the Cato Institute, says crypto is having a ‘Welcome to Washington’ moment:
In some ways, it shows that the industry could have been rightly criticized for a number of years for not understanding how D.C. works. They’re getting better at it, except they’re showing everyone in real-time.
~Jennifer Schulp
The November election of Donald Trump was a victory for crypto society. The crypto companies used more than $130 million during the campaigns to fund the process. After his victory, President-elect Donald Trump proposed crypto advocates for important roles in his administration, including Cantor Fitzgerald LP’s Howard Lutnick as Commerce Secretary and Paul Atkins to run the SEC.
With the recent development, everyone is angling for a Trump administration position. As the year ended, Kris Marszalek, chief executive officer of exchange Crypto.com, made a suggestive post of him and Trump at Mar-a-Lago on X. His post read, “Honored to have a seat at the table.” His visit follows a phone discussion between Coinbase Inc. CEO Brian Armstrong and President-elect Donald Trump earlier in the month.
Uncertainty surrounds those directing policy in Washington
It is unclear how the president-elect is picking his nominees for strategic positions, as even those tuned into Beltway scuttlebutt were shocked by the nomination of venture capitalist David Sacks as the artificial intelligence and crypto czar.
Even Kristin Smith, CEO of the Blockchain Association, became aware of the nomination through social media, as did everyone else. He confessed that the nomination caught him by surprise at dinner through the social alerts on his phone.
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