Outlook for US crypto policy improves under Trump, with potential for comprehensive legislation
From Investing.com
July 28, 2024 05:01:02 AM:
Compass Point Research & Trading believes Donald Trump’s return to the White House would benefit the cryptocurrency and digital asset sector. Trump supports crypto, with his campaign accepting crypto donations. He aims for all BTC mining in the U.S. His pro-crypto stance is in the Republican National Committee’s 2024 Platform, along with VP candidate Senator J.D. Vance, who is drafting industry-friendly crypto regulation.
Bipartisan support could lead to broader crypto legislation in 2025 or 2026, with Senate Agriculture Committee Chair Debbie Stabenow creating a draft crypto bill to give CFTC authority over digital assets. Collaboration with House Financial Services Committee Chair Patrick McHenry shows potential for cooperation. A Trump administration could have a two-year window to pass comprehensive crypto legislation.
A potential change in SEC leadership could have significant implications for the cryptocurrency industry. Hester Peirce, a pro-crypto candidate for SEC Chair, could bring changes in enforcement actions, resolution of cases like Coinbase’s lawsuit, and defining digital assets’ status as securities. This shift could help shape the regulatory landscape for digital assets.
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