Is Trump as good for crypto and Bitcoin as people think?
As the crypto industry gears up for the 2024 election, there’s a growing narrative that a win for former President Donald Trump could be a boon for Bitcoin and the broader digital asset space.
With the Biden administration’s SEC Chair, Gary Gensler, often seen as a roadblock to crypto innovation, many in the space are hoping for a policy shift. But Custodia Bank CEO Caitlin Long isn’t necessarily convinced that a change in presidents — by itself — will be the fix many are hoping for.
"He had a very anti-crypto Secretary of Treasury, [Steve] Mnuchin, in his first term” Long explained in a recent Coinage interview. She emphasized the importance of appointments like the Treasury Secretary in shaping the regulatory landscape for crypto. “It is going to matter who Trump puts in as Treasury secretary because that's going to dominate the decisions. A lot of the policy is made out of the Treasury Department because that's the IRS, the OCC, FinCEN."
According to Long, Trump’s rumored choice of Jamie Dimon, CEO of JPMorgan Chase, raises some eyebrows. “What do you think Jamie Dimon would do? Would he help any of the small startups? No. He loves the big banks,” Long pointed out, highlighting a potential disconnect between the hopes of crypto enthusiasts and the realities of traditional finance.
Trump’s potential cabinet choices bring to light a broader debate within the crypto community: the divide between Wall Street-driven crypto adoption and the philosophical underpinnings of decentralization. As Long put it, “There's a real split emerging in the Bitcoin crowd of the sort of pro-Wall Street, 'rah rah number go up, we’re just here to trade,' and then those who are philosophically committed to decentralization."
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