🔄 Trump administration explores cryptocurrency regulatory framework, tends to appoint officials who support cryptocurrency
According to The Washington Post, the Trump team is discussing possible regulatory changes with cryptocurrency industry leaders in an effort to reshape the U.S. attitude toward digital assets.
Trump previously promised to make the United States the "global crypto capital," and his team is now looking for cryptocurrency-friendly candidates to fill the positions of heads of key financial regulatory agencies such as the SEC, CFTC, and FDIC.
According to reports, when the Trump team was considering candidates for these key positions, former SEC official and Robinhood CEO Daniel Gallagher, Republican agency commissioners Hester Peirce and Mark Uyeda, and former commissioner Paul Atkins were all considered.
In addition, the Trump team is also working with cryptocurrency companies to plan to establish a new presidential digital currency committee. These appointments are crucial because agency heads under the Trump administration will have the power to determine the future status of cryptocurrencies in the financial community.
After Trump took office, a16z predicted that the regulatory environment would be more favorable to the cryptocurrency industry. They believe that this could turn most cryptocurrencies into "legal and compliant" financial instruments.
However, some Democratic lawmakers have warned that deregulation could increase the risk of fraud, manipulation and instability, and used the collapse of FTX in 2022 as a negative example.
The Trump administration is also trying to use executive orders to clarify the role of federal agencies in regulating cryptocurrencies. These actions will not only simplify the regulatory framework, but also provide clearer guidance on the securities status of digital assets.
SEC Chairman Gary Gensler has been controversial for his stance on the cryptocurrency market. He has had multiple lawsuits with major cryptocurrency exchanges such as Coinbase, Kraken and Binance over compliance issues.
In view of this, the Trump team is considering replacing Gensler. Moreover, Trump has previously made it clear that once he takes office, he will "fire" the SEC chairman.
💬How do you think we can ensure the transparency and compliance of cryptocurrency transactions without suppressing innovation?