Trump's crypto policy evolving with new appointments, boost Bitcoin, industry optimistic

From Investing.com

December 6, 2024 4:25:47 PM:

U.S. President-elect Donald Trump’s crypto policy is evolving with the announcement of a White House crypto czar and a new securities watchdog. Questions linger over policy drivers and potential clashes, despite optimism from crypto executives. Silicon Valley’s David Sacks is appointed as “White House A.I. & Crypto Czar,” with Paul Atkins as SEC head nominee.

Sacks, a friend of billionaire Elon Musk, was an early bitcoin investor, while Atkins is a former SEC official. Both advocate for crypto innovation, but have yet to take a stance on token classifications. Their appointments boosted Bitcoin past $100,000 in hopes of softer crypto regulations under Trump.

The crypto industry seeks a regulatory framework under the new administration for token classification and adoption. Trump’s Truth Social post stated Sacks would guide crypto policy, raising questions about his exact role. Coordination among agencies will be crucial for policy implementation and potential congressional approval.

Consumer protection advocates fear potential gaps in Trump’s crypto agenda, but industry leaders believe strict regulations will maintain financial services leadership. The administration’s focus on constructive regulation aims to avoid fraud and protect investors.

Read more at Investing.com: Analysis-Trump’s crypto team takes shape but questions remain over who will drive policy By Reuters