Crypto media reports reveal that Trump will appoint new cabinet members who support cryptocurrency. U.S. media pointed out that billionaire Elon Musk is involved in influencing the structure of Trump's new government members, as he launched a major investigation into the Senate Majority Leader on Twitter, showing that Rick Scott is the most favored candidate supporting the crypto industry. Standard Chartered anticipates that the new government will overturn the SAB 121 crypto accounting law.
Crypto Circle: Trump’s 'New Cabinet' Will Support Cryptocurrency
Watcher.Guru wrote: 'President-elect Trump will appoint cabinet members who support cryptocurrency to fulfill his promise of making the U.S. the 'Crypto Capital of the Earth.'
CoinGape reported that to achieve this goal, Trump is considering appointing industry-friendly candidates to key financial regulatory positions, focusing on individuals who support cryptocurrency. This strategy was proposed amid discussions between Trump's advisors and leaders of the cryptocurrency industry about possible federal policy changes.
According to recent reports, Donald Trump intends to appoint pro-cryptocurrency figures to lead major financial regulatory agencies during his second term. This move aligns with his goal of transforming the U.S. into a global leader in cryptocurrency innovation and adoption. Trump's advisors have been in discussions with various leaders and executives in the cryptocurrency industry to identify candidates suitable for positions at agencies like the SEC and CFTC.
SEC Chair Candidate: Mother of Crypto Hester Peirce
CoinTelegraph noted that with SEC Chairman Gary Gensler potentially leaving his position before the presidential inauguration in January 2025, Hester Peirce, known as the 'Mother of Crypto,' is viewed as a potential successor to Gensler. Trump's strong support for cryptocurrency makes Peirce an ideal candidate for SEC Chair, capable of implementing comprehensive, cryptocurrency-friendly regulations.
Peirce studied financial market regulation at George Mason University and served as an advisor to the Senate Banking, Housing, and Urban Affairs Committee. She was also an attorney in the SEC's Investment Management Division and a partner at the law firm WilmerHale.
After former U.S. President Barack Obama nominated Peirce as a commissioner of the SEC in 2018, she finally entered the regulatory agency.
She may be the most popular regulator among cryptocurrency advocates, who nicknamed her the 'Mother of Crypto.' She has criticized Gensler's aggressive stance on the cryptocurrency industry multiple times. On September 16, Peirce and Commissioner Mark Uyeda wrote in a dissenting opinion regarding cryptocurrency cases: 'Allowing the crypto issues to be resolved in a series of endless misleading and overly expansive cases has become and will continue to be a serious mistake.'
Senate Majority Leader Candidate: Cryptocurrency Supporter Rick Scott
Musk launched a Senate Majority Leader candidate survey on Twitter, attracting over 40.6 million views. Data shows that Rick Scott is far ahead of other candidates.
According to information compiled by StandWithCrypto, Scott is a strong supporter of cryptocurrency, stating this February: 'The government has no right to surveil Americans to control their personal finances and track their transactions. This is a massive overreach. Proudly joining Ted Cruz in introducing the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act to counter this intrusive practice.'
Standard Chartered analyst Geoff Kendrick stated that with the Republican Party fully in control, the new government may immediately push for policies supporting digital assets after taking office in January 2025, such as repealing Staff Accounting Bulletin No. 121 (SAB 121), the stablecoin regulatory bill, and possibly adopting a more lenient stance on digital assets from the SEC.
He also stated: 'Under a fully Republican government, areas such as GameFi, tokenization, and decentralized physical infrastructure (DePIN) may benefit from Trump administration policies and see significant development. We believe these positive developments are enough to boost the overall digital asset market capitalization from the current $2.5 trillion to $10 trillion by the end of 2026.'
