Donald Trump's return as president could change the future of cryptocurrency in the United States, as this re-election brings both hope and concern. Some players in the field see this as an opportunity for more favorable regulation, while others question the true intentions of the future administration. Indeed, while the U.S. maintains a dominant position in the development of cryptocurrency, Trump's policies towards this sector could redefine norms and influence the value of assets, particularly Bitcoin.
Towards more flexible regulation?
In this context, some observers believe that the new Trump administration may adopt a more flexible approach to cryptocurrency regulation. "Trump's victory is a decisive change for the cryptocurrency industry in the U.S., as well as globally," stated Boris Bohrer-Bilowitzki, CEO of Concordium.
He further stated that the future president could limit bureaucratic policies that have so far hindered the development of cryptocurrency companies and these assets. The presence of the Republican Party in Congress, along with the prospect of a more favorable appointment for the head of the SEC, could accelerate this momentum.
There is much speculation about the overhaul of the head of the SEC, currently led by Gary Gensler, a controversial figure in the cryptocurrency world. Trump is expected, as soon as he takes office, to replace Gensler with a more open-minded figure towards digital innovation, such as Hester Pierce or Mark Uyeda, both of whom have been members of the commission.
This amendment could pave the way for long-blocked initiatives, particularly the establishment of specific frameworks for stablecoins and cryptocurrency ETFs, promising a new era for companies in the industry in the U.S.
The challenges and uncertainties in Trump's approach
However, despite this optimism, many observers point to the uncertainties of Trump's presidency, particularly regarding the protection of individual investors. As Timothy Massad, former chairman of the Commodity Futures Trading Commission, explained, "there is a risk that this approach mainly benefits speculators and leaves retail investors in a state of instability." Indeed, the president-elect may support the rapid growth of the market without implementing sufficient protective measures to shield individuals from the risks of speculative bubbles.
The stakes also extend internationally, where Trump may view cryptocurrency as a strategic tool against powers like China. Thus, competing with China in the blockchain and cryptocurrency technology sector could become the central axis of U.S. policy, as Trump seeks to position the U.S. as the global leader in this field. This geopolitical position could impact regulation, with measures aimed at attracting cryptocurrency companies and encouraging the adoption of digital solutions.
Trump's arrival at the White House thus brings contrasting prospects for the cryptocurrency industry. While a more lenient framework may encourage innovation and adoption, risk management and investor protection remain critical points for the sector. In the context of geopolitical competition, the U.S. approach to cryptocurrency regulation will undoubtedly impact the development of the global market. It remains to be seen whether Trump's ambitions will translate into concrete actions that meet the expectations of an industry seeking stability and recognition.
