With now US President-elect Donald Trump ready to take on the white house, Bitcoin supporters are hopeful he’ll deliver on his pro-crypto promises. From backing Bitcoin to making clearer regulatory rules and launching his own DeFi protocol the stakes are high for crypto.
Crypto leaders are sharing their opinions and expectations for a pro-crypto government while Bitcoin soared nearly 10% to hit a new all-time high. Similarly, Elon Musk’s favorite crypto, Dogecoin (DOGE), surged around 25% linked to the anticipation of him joining the office.
Crypto leaders react to Trump’s win
With Donald Trump leading the race against Harris, Paul Grewal, Chief Legal Officer at Coinbase, is hoping that the SEC gets to know what has happened in the US election. He highlighted that on many issues, the voters said loud and clear that they wanted change.
Grewal suggests that crypto is no exception and the commission should stop suing crypto and start talking to crypto. He hints that it’s time to initiate rule-making now as there’s no reason to wait. Meanwhile, he hinted that a couple of Supreme Court Justices would now feel free to make retirement plans.
Brian Armstrong, CEO at Coinbase, moved ahead to welcome the new members of what he says is “America’s most pro-crypto Congress ever.” He mentioned that more than 219 pro-crypto candidates have now been elected to the House and Senate.
He stated that the crypto voter has spoken decisively across party lines and in key races across the country. Armstrong added that Americans disproportionately care about crypto and want clear rules of the road for digital assets.
Ripple CEO, Brad Garlinghouse, in an X post, stated “To everyone who doubted it: the crypto voter is here to stay, loud and clear!”
Elon Musk wrote that the people of America gave Donald Trump a crystal clear mandate for change.
Trump’s pro-crypto vision
Trump’s pro-crypto stance was clear at the Bitcoin 2024 conference, where he vowed to oust the Securities and Exchange Commission (SEC) Chair Gary Gensler. However, he had talked about creating a Bitcoin reserve to support the Federal Reserve.
Crypto executives hope Trump will follow through on his promise to fire SEC Chair Gary Gensler, whose crackdown on crypto has led to lawsuits against major players like Coinbase, Kraken, and Ripple Labs.
Bitcoin’s rally this week was backed by high inflows seen in Bitcoin ETFs. BlackRock’s IBIT alone saw an inflow of over $2.4 billion in the last week. BTC is trading at an average price of $73,233, at press time.
If Trump delivers on his promises, a pro-crypto administration could reshape the industry which can easily drive more adoption with regulatory clarity.
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