What to Expect in the Crypto World Following Trump's Election Victory?
Following the 2024 U.S. presidential election, Donald Trump's re-election and the Republican Party securing a majority in the Senate provided positive change signals for the cryptocurrency sector. The election results triggered a significant surge in Bitcoin and the overall crypto market, with Bitcoin reaching an all-time high of $76,400 yesterday.
The rise of the crypto market and Bitcoin's peak pursuit With Trump's victory, the most notable value increase among cryptocurrencies was observed in Bitcoin. This rise is seen as a similar move to price increases experienced after previous presidential elections. Experts predict that this rally could lead to a strong increase similar to those seen in past election cycles. Historically, Bitcoin is known to provide high returns in the fourth quarter.
In addition to Bitcoin, other major crypto assets joined this rise. Trading on Bitcoin ETFs reached record levels, creating a positive atmosphere across the markets. Cryptocurrency advocates hope that the Trump administration will yield beneficial effects for the sector.
New government's crypto policies creating expectations While the Republicans are expected to pursue a crypto-friendly policy, Trump's campaign promises prominently included a commitment to make America the global crypto hub. Donald Trump has promised to remove SEC Chairman Gary Gensler from office and introduce clearer regulations for cryptocurrency. This situation is creating a positive sentiment in the markets.
Leading crypto advocates made hopeful statements following the election results. Figures like Coinbase (COIN) CEO Brian Armstrong foresee significant gains for the crypto sector in the new government term. The belief is widespread that the new regulations in Congress could be more flexible and supportive for crypto assets.
FIT21 Act and the new goals of the crypto lobby With Trump's victory, the crypto lobby is reassessing the existing Financial Innovation and Technology for the 21st Century Act (FIT21). This act aims to define the roles of institutions such as the SEC and CFTC in crypto regulations, while industry leaders believe the scope of this act is insufficient.
FIT21 has faced criticism for not providing adequate protection, especially for stable cryptocurrencies and next-generation crypto assets like DAOs. The crypto industry is advocating for new laws that better protect such assets and support innovation. These demands include a more transparent regulatory framework and consumer protection measures.
Legislative goals and the future of the crypto sector The crypto lobby is preparing to start working on new laws that will advance the sector in a more friendly regulatory environment under the Trump administration. However, it is emphasized that different interest groups within the sector need to unite under a common framework during this process.
For the cryptocurrency ecosystem to grow, legal regulations must balance promoting innovation while protecting investors. It is noted that in the new era, the crypto sector needs to develop a unified approach to establish a strong legislative framework.