According to BlockBeats, on November 8, as the election results clearly indicated that Trump would return to the White House, the cryptocurrency market began to rise as expected, reflecting optimism about the potential relief the Trump administration could bring to the industry. There is no denying that Trump will support the cryptocurrency industry more than current President Biden. However, uncertainty remains regarding the extent of his involvement in promoting industry development and whether he can pass relevant legislation amid a busy legislative agenda.
Candidates for positions such as leaders of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Treasury may hold views favorable to the industry similar to Trump, but it is unclear how prioritized this issue will be. The Trump administration may prioritize deregulation for most industries. However, the cryptocurrency industry may be the only area that runs counter to this trend, as industry members are eager for regulatory clarity. The priorities that these agencies place on the cryptocurrency industry will determine the duration of this process, but progress in reducing some current lawsuits by the SEC may be quicker. However, it is more likely that these agencies will at least provide some form of favorable regulatory guidance, even if not a specific rule.