Trump, Atkins and the new SEC - 2025 may be a turning point for cryptocurrencies
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2025 will be a critical year for the cryptocurrency industry. With Trump's upcoming inauguration, the appointment of new SEC Chairman Paul Atkins and "Crypto Tsar" David Sacks, the industry may usher in a series of far-reaching changes.
2024: Crypto breakthroughs and regulatory challenges
2024 saw the launch of Bitcoin (BTC) and Ethereum (ETH) spot ETFs, Bitcoin breaking the $100,000 mark, and ushering in the much-anticipated halving. However, regulatory pressure has also increased, and several crypto exchanges have faced legal challenges from the SEC, including Uniswap, Ethereum, and Crypto.com. The SEC's strict supervision has caused dissatisfaction in the crypto community, especially the tough stance of SEC Chairman Gary Gensler.
Gensler's resignation and Trump's policy shift
After Trump was elected, he promised to fire Gensler on the first day, quickly winning the support of the crypto community. Gensler's resignation, effective January 20, 2025, paves the way for a new round of regulatory reforms.
Paul Atkins' appointment: innovation and regulatory balance
Wall Street welcomed Trump's nomination of Paul Atkins as SEC chairman. Atkins, who served as an SEC commissioner in the Bush administration, focuses on market friendliness and innovation, advocating to promote industry development while ensuring investor protection. His appointment heralds that the SEC's regulatory direction will become more supportive of innovation.
The role of "crypto tsar" Sachs
Trump appointed David Sachs as the White House "crypto tsar", and he is expected to lead the formulation of policies targeting cryptocurrencies and artificial intelligence to further promote industry development. This move has triggered a strong response from the cryptocurrency community and paved the way for future ETF approvals.
Outlook for 2025: Balanced regulation and innovation
Although Atkins's light regulatory stance has been criticized by some, he promised to take a balancing act to ensure the public interest while avoiding excessive intervention and promoting industry innovation. With the Trump administration taking office, the cryptocurrency industry is expected to usher in a more favorable regulatory environment.
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