Crypto industry pushes for policy sea change after Trump victory
- The crypto industry is pushing for an ambitious raft of policies that would promote the widespread adoption of digital assets and considering who best to promote them, as they anticipate a cryptocurrency-friendly regime under President-elect Donald Trump.
"We've had an administration that's been very negative, and so we're looking forward to unlocking that gridlock," said Mike Belshe, CEO of institutional crypto platform BitGo, who hosted a campaign fundraiser for Trump in July. "I think the voters of America said very clearly that they want to see that."
Trump has also pledged to create a crypto advisory council. While it's unclear who might serve on the council, crypto executives are brainstorming who to elevate as key leaders in crafting crypto policy in the new administration. "It's important I think for companies like Coinbase, but also for all the smaller startups... to have a point of view."
The industry also expects Trump's bank regulators to take a softer stance on crypto. Many crypto firms have struggled to find banking partners amid scrutiny from regulators worried about the risks, especially following the collapse of crypto-friendly U.S. lenders last year. "Something like that from the White House could go a long way towards fixing the problem," said Kristin Smith, chief executive of the Blockchain Association, a crypto trade group.
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