US President-elect Donald Trump is not content to be a mere player in the cryptocurrency market. With a bold vision and innovative strategies, he seeks to become the driving force that propels this industry to a new level. What plans does he have in mind to revolutionize the crypto world? Find out how he plans to leave his mark on the future of finance.
Indeed, by presenting his appointments, Trump is marking a clear distance from the regulatory policies imposed by Gary Gensler at the SEC. His more flexible vision promises a breath of fresh air for the crypto industry.
As a result, all of this has had a huge impact not only on the price of Bitcoin, which hit $100,000 on Wednesday in anticipation of a crypto-friendly administration, but also on the future of the digital economy in general.
On this, Gene Kimmelman, a former Justice Department antitrust official, said: “ This is very much a kind of industrial policy, with some areas getting a deeper scrutiny and others getting a lighter touch based on a particular vision of how to run the market .”
Donald Trump strengthens his crypto team with key allies
Donald Trump is doubling down on cryptocurrencies as he continues to make appointments to his new cabinet when he returns to the White House in January. He has promised to usher in a wave of pro-cryptocurrency policies, including the creation of a national strategic Bitcoin reserve and holding onto Bitcoins that the government confiscates from criminals instead of auctioning them off.
Specifically, the cryptocurrency and technology community finally has some clarity on who they will potentially answer to over the next four years:
David Sacks, former PayPal COO and “czar of AI and cryptocurrencies.” He will lead the Administration’s policies on artificial intelligence and cryptocurrencies. He will also lead the Presidential Council of Advisors on Science and Technology.
Paul Atkins, who will lead the Securities and Exchange Commission (SEC), could help shape key regulations for an industry Trump has avidly courted, if confirmed by the Senate.
Gail Slater to lead the Justice Department's antitrust division. If confirmed by the Senate, Slater will replace Jonathan Kanter and oversee the various antitrust lawsuits and investigations already underway targeting the tech industry and other sectors.
Atkins and Slater: a duo that promises to revolutionize regulation in the United States
By the way, regarding Paul Atkins’ appointment, a16z’s Chris Dixon wrote: “ Congratulations to Paul Atkins on his appointment as SEC Chairman. We are very optimistic about the opportunities under Mr. Atkins’ leadership to accelerate progress and allow crypto to thrive in the US .”
Congratulations to Paul Atkins on his nomination as SEC Chair. We are very optimistic about the opportunities under Mr. Atkin's leadership to accelerate progress and allow crypto to thrive in the US 🇺🇸
As a relevant fact, Gail Slater would inherit two ongoing monopoly cases against Google, an monopoly case against Apple, an monopoly case against LiveNation, the parent company of Ticketmaster, and an monopoly case against Visa.
In closing, with these appointments, Donald Trump appears to be giving back to his main benefactors in Silicon Valley. His policy decisions, which favor less regulation of cryptocurrencies and greater scrutiny of tech monopolies, directly reflect the interests of those who have financed his rise.
I'll end with this quote from Vitalik Buterin: " Regulation, far from being a threat, can be the catalyst that drives cryptocurrencies towards their true potential, benefiting millions of people around the world ."