- The US crypto market urges Trump to adopt policies that foster crypto adoption and innovation.
- The industry is anxious to know about the next SEC Chair while strong contenders emerge.
- Experts push the government to establish a healthy connection between banks and crypto companies.
Donald Trump’s pro-crypto victory and Republican control of Congress signal major policy shifts for the U.S. crypto market. Industry leaders are urging swift federal action to drive crypto adoption and innovation under his leadership.
As Trump positions himself as a “crypto President,” expectations for a market boom are growing. His commitment to replacing SEC Chair Gary Gensler with a crypto-friendly leader has fueled optimism about regulatory reforms.
Speculation around Gensler’s resignation gained momentum following his remarks at the Practising Law Institute’s 56th annual conference. While no official decisions have been announced, Mark Uyeda and Hester Pierce are seen as strong candidates to succeed Gensler. Kara Calvert, Coinbase’s U.S. policy head, remarked, “The question of who will lead these agencies is on everyone’s mind in Washington.”
Addressing “Operation Choke Point 2.0”
Industry experts are urging the new administration to reverse policies tied to what many call “Operation Choke Point 2.0.” This strategy, attributed to the SEC and FDIC, has been criticized for isolating crypto companies from traditional financial systems.
Paul Grewal, Coinbase’s Chief Legal Officer, described the initiative as a deliberate attempt to limit crypto’s access to banking infrastructure. To foster growth, key industry voices are demanding closer collaboration between crypto platforms and banks.
Read also: Crypto Reforms Ahead? Former SEC Chairman Predicts Big Moves Under Trump Administration
Addressing the need for a closer connection between crypto platforms and banks, industry heavyweights call for a transformative shift in the administration. Mike Belshe, CEO of BitGo, criticized the government and the regulatory agencies, addressing the administration as “very negative” and adding that the industry is awaiting to unlock the “gridlock.”
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